46,618 Shares in SYSCO Co. (SYY) Acquired by Meag Munich Ergo Kapitalanlagegesellschaft MBH
Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in SYSCO Co. (NYSE:SYY) during the second quarter, Holdings Channel reports. The fund acquired 46,618 shares of the company’s stock, valued at approximately $2,320,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of SYSCO by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after buying an additional 30,735,711 shares during the period. Bank of Montreal Can boosted its stake in shares of SYSCO by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock worth $324,360,000 after buying an additional 1,996,198 shares during the period. Victory Capital Management Inc. boosted its stake in shares of SYSCO by 86.7% in the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after buying an additional 1,126,573 shares during the period. Vanguard Group Inc. boosted its stake in shares of SYSCO by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after buying an additional 1,064,162 shares during the period. Finally, Hermes Investment Management Ltd. purchased a new stake in shares of SYSCO during the first quarter worth about $41,568,000. 78.38% of the stock is owned by institutional investors and hedge funds.
Shares of SYSCO Co. (SYY) traded down 0.867% during trading on Thursday, hitting $50.875. The stock had a trading volume of 1,066,186 shares. The firm has a market cap of $27.23 billion, a P/E ratio of 26.819 and a beta of 0.52. SYSCO Co. has a one year low of $47.15 and a one year high of $57.07. The firm’s 50-day moving average is $51.04 and its 200-day moving average is $52.64.
SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, May 8th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.51. The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.14 billion. SYSCO had a return on equity of 39.77% and a net margin of 1.76%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. Equities research analysts forecast that SYSCO Co. will post $2.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.57%. SYSCO’s dividend payout ratio is presently 69.47%.
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SYY has been the subject of a number of research analyst reports. Zacks Investment Research raised SYSCO from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research report on Tuesday, May 9th. Loop Capital started coverage on SYSCO in a research report on Monday, May 15th. They issued a “buy” rating and a $61.00 target price for the company. BMO Capital Markets reaffirmed a “buy” rating and set a $60.00 price objective on shares of SYSCO in a research report on Tuesday, June 27th. Bank of America Corporation reaffirmed a “buy” rating and set a $61.00 price objective on shares of SYSCO in a research report on Monday, June 26th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of SYSCO in a research report on Friday, June 23rd. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $56.02.
In other news, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $54.22, for a total transaction of $1,626,600.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at $22,052,629.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $55.32, for a total value of $862,992.00. Following the transaction, the insider now owns 58,776 shares of the company’s stock, valued at $3,251,488.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,400 shares of company stock valued at $8,121,300. Insiders own 8.81% of the company’s stock.
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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