AI Financial Services LLC Boosts Stake in SYSCO Co. (SYY)
AI Financial Services LLC lifted its position in shares of SYSCO Co. (NYSE:SYY) by 13.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,359 shares of the company’s stock after purchasing an additional 4,668 shares during the period. SYSCO accounts for approximately 4.8% of AI Financial Services LLC’s portfolio, making the stock its 5th largest position. AI Financial Services LLC’s holdings in SYSCO were worth $2,628,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. North American Management Corp raised its stake in SYSCO by 7.2% in the first quarter. North American Management Corp now owns 83,943 shares of the company’s stock worth $5,604,000 after buying an additional 5,608 shares in the last quarter. Sigma Planning Corp increased its stake in shares of SYSCO by 9.2% during the first quarter. Sigma Planning Corp now owns 43,328 shares of the company’s stock valued at $2,893,000 after purchasing an additional 3,662 shares in the last quarter. Parnassus Investments CA increased its stake in shares of SYSCO by 4.7% during the first quarter. Parnassus Investments CA now owns 8,752,593 shares of the company’s stock valued at $584,323,000 after purchasing an additional 393,096 shares in the last quarter. Rhumbline Advisers increased its stake in shares of SYSCO by 3.7% during the first quarter. Rhumbline Advisers now owns 899,803 shares of the company’s stock valued at $60,071,000 after purchasing an additional 32,336 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of SYSCO by 24.8% during the first quarter. Parallel Advisors LLC now owns 5,413 shares of the company’s stock valued at $361,000 after purchasing an additional 1,077 shares in the last quarter. Institutional investors own 80.33% of the company’s stock.
A number of equities analysts have weighed in on the stock. Zacks Investment Research raised shares of SYSCO from a “sell” rating to a “hold” rating in a research note on Monday, January 28th. Loop Capital set a $75.00 target price on shares of SYSCO and gave the company a “buy” rating in a research note on Tuesday, February 5th. Bank of America downgraded shares of SYSCO from a “buy” rating to a “neutral” rating and set a $68.00 target price for the company. in a research note on Wednesday, January 16th. Finally, Pivotal Research reaffirmed a “sell” rating and set a $54.00 target price on shares of SYSCO in a research note on Friday, February 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $73.00.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, May 6th. The company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.09. The company had revenue of $14.66 billion during the quarter, compared to the consensus estimate of $14.78 billion. SYSCO had a net margin of 2.48% and a return on equity of 71.45%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 earnings per share. On average, sell-side analysts anticipate that SYSCO Co. will post 3.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 5th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Thursday, April 4th. SYSCO’s dividend payout ratio (DPR) is currently 49.68%.
In related news, Director Trian Fund Management, L.P. sold 707,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $66.30, for a total transaction of $46,874,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.88% of the stock is owned by company insiders.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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