Westpac Banking Corp Decreases Stake in Sysco Corp. (SYY)
Westpac Banking Corp reduced its stake in Sysco Corp. (NYSE:SYY) by 33.6% during the second quarter, Holdings Channel reports. The fund owned 105,905 shares of the company’s stock after selling 53,476 shares during the period. Westpac Banking Corp’s holdings in Sysco Corp. were worth $5,374,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SYY. Trian Fund Management L.P. increased its stake in shares of Sysco Corp. by 1.4% in the first quarter. Trian Fund Management L.P. now owns 43,271,951 shares of the company’s stock valued at $2,022,098,000 after buying an additional 586,344 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Sysco Corp. by 3.6% in the second quarter. Vanguard Group Inc. now owns 37,790,301 shares of the company’s stock valued at $1,917,480,000 after buying an additional 1,324,659 shares during the last quarter. State Street Corp increased its stake in shares of Sysco Corp. by 1.3% in the first quarter. State Street Corp now owns 28,069,492 shares of the company’s stock valued at $1,311,676,000 after buying an additional 350,534 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Sysco Corp. by 66.6% in the second quarter. Ameriprise Financial Inc. now owns 6,008,805 shares of the company’s stock valued at $304,897,000 after buying an additional 2,402,928 shares during the last quarter. Finally, AJO LP increased its stake in shares of Sysco Corp. by 453.7% in the second quarter. AJO LP now owns 4,853,878 shares of the company’s stock valued at $246,286,000 after buying an additional 3,977,304 shares during the last quarter. 76.65% of the stock is currently owned by institutional investors.
Sysco Corp. (NYSE:SYY) traded up 0.18% during midday trading on Wednesday, reaching $49.20. The company had a trading volume of 1,199,896 shares. Sysco Corp. has a 12 month low of $38.34 and a 12 month high of $53.97. The stock has a market cap of $27.31 billion, a P/E ratio of 30.00 and a beta of 0.56. The firm has a 50-day moving average of $51.61 and a 200-day moving average of $49.39.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The company earned $13.65 billion during the quarter, compared to analysts’ expectations of $13.68 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The business’s revenue was up 10.0% on a year-over-year basis. On average, equities analysts expect that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio is presently 75.15%.
Several analysts recently weighed in on the company. Bank of America Corp. set a $54.00 target price on Sysco Corp. and gave the company a “hold” rating in a research note on Saturday. Vetr downgraded Sysco Corp. from a “hold” rating to a “sell” rating and set a $50.83 target price for the company. in a research note on Thursday, August 18th. Deutsche Bank AG assumed coverage on Sysco Corp. in a research note on Monday, July 18th. They set a “hold” rating and a $52.00 target price for the company. BMO Capital Markets restated a “hold” rating and set a $52.00 target price on shares of Sysco Corp. in a research note on Thursday, June 16th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $57.00 target price (up previously from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $49.45.
In related news, CFO Joel T. Grade sold 16,368 shares of the business’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $52.01, for a total value of $851,299.68. Following the completion of the sale, the chief financial officer now directly owns 60,031 shares in the company, valued at $3,122,212.31. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William J. Delaney III sold 20,114 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $51.96, for a total value of $1,045,123.44. Following the completion of the sale, the chief executive officer now owns 422,507 shares of the company’s stock, valued at $21,953,463.72. The disclosure for this sale can be found here. Insiders own 7.77% of the company’s stock.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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