BlueMountain Capital Management LLC Has $1.32 Million Stake in Sysco Corporation (SYY)
BlueMountain Capital Management LLC lifted its position in Sysco Corporation (NYSE:SYY) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,273 shares of the company’s stock after acquiring an additional 2,642 shares during the period. BlueMountain Capital Management LLC’s holdings in Sysco Corporation were worth $1,322,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in SYY. TrimTabs Asset Management LLC lifted its position in shares of Sysco Corporation by 88.7% in the 1st quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after acquiring an additional 1,016 shares in the last quarter. Arcadia Investment Management Corp MI grew its position in Sysco Corporation by 10.7% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock worth $118,000 after purchasing an additional 225 shares in the last quarter. Manchester Capital Management LLC grew its position in Sysco Corporation by 13.4% during the 2nd quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock worth $128,000 after purchasing an additional 300 shares in the last quarter. Kistler Tiffany Companies LLC grew its position in Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock worth $147,000 after purchasing an additional 12 shares in the last quarter. Finally, Blue Chip Partners Inc. raised its stake in Sysco Corporation by 0.6% during the 2nd quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock valued at $149,000 after purchasing an additional 18 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.
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In related news, Director Trian Fund Management, L.P. bought 889,561 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The shares were acquired at an average price of $53.68 per share, for a total transaction of $47,751,634.48. Following the completion of the acquisition, the director now owns 5,529 shares of the company’s stock, valued at approximately $296,796.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $20,303,712. The disclosure for this sale can be found here. Insiders sold 2,141,381 shares of company stock worth $114,829,988 over the last quarter. 8.81% of the stock is owned by corporate insiders.
SYY has been the subject of a number of research analyst reports. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a report on Monday, August 14th. Zacks Investment Research downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. BMO Capital Markets set a $60.00 price target on Sysco Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $61.00 price objective on shares of Sysco Corporation in a research note on Monday, June 26th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Sysco Corporation presently has an average rating of “Hold” and an average target price of $56.17.
Shares of Sysco Corporation (SYY) opened at 53.74 on Wednesday. The firm has a 50-day moving average of $52.90 and a 200 day moving average of $52.69. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The company has a market capitalization of $28.37 billion, a P/E ratio of 25.84 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last released its earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The firm had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. On average, analysts anticipate that Sysco Corporation will post $2.76 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 issued a $0.33 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.46%. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
About Sysco Corporation
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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