Boston Advisors LLC Cuts Stake in Sysco Corporation (SYY)
Boston Advisors LLC cut its position in Sysco Corporation (NYSE:SYY) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 429,699 shares of the company’s stock after selling 1,219 shares during the period. Boston Advisors LLC’s holdings in Sysco Corporation were worth $21,627,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Iowa State Bank raised its position in Sysco Corporation by 0.7% in the first quarter. Iowa State Bank now owns 91,709 shares of the company’s stock worth $4,762,000 after buying an additional 596 shares during the period. Cribstone Capital Management LLC raised its position in Sysco Corporation by 94.7% in the first quarter. Cribstone Capital Management LLC now owns 3,584 shares of the company’s stock worth $186,000 after buying an additional 1,743 shares during the period. Doyle Wealth Management acquired a new position in Sysco Corporation during the first quarter worth $252,000. Americafirst Capital Management LLC acquired a new position in Sysco Corporation during the first quarter worth $320,000. Finally, Pinnacle Bank acquired a new position in Sysco Corporation during the first quarter worth $217,000. 78.49% of the stock is currently owned by institutional investors and hedge funds.
Sysco Corporation (NYSE:SYY) traded down 0.78% during mid-day trading on Wednesday, reaching $51.19. 1,789,549 shares of the company traded hands. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The stock has a market capitalization of $27.40 billion, a PE ratio of 26.98 and a beta of 0.52. The stock has a 50-day moving average of $51.01 and a 200 day moving average of $52.58.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings data on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 52.09%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Equities research analysts expect that Sysco Corporation will post $2.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is 63.16%.
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SYY has been the topic of a number of research reports. BMO Capital Markets raised shares of Sysco Corporation from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $56.00 to $60.00 in a research note on Thursday, May 4th. Jefferies Group LLC restated a “hold” rating and set a $51.00 price target (up previously from $50.00) on shares of Sysco Corporation in a report on Monday, May 8th. Royal Bank Of Canada raised their price target on shares of Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 9th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Tuesday, May 9th. Finally, Barclays PLC restated an “equal weight” rating and set a $57.00 price target (up previously from $53.00) on shares of Sysco Corporation in a report on Tuesday, May 9th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $56.02.
In other Sysco Corporation news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total transaction of $1,666,500.00. Following the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $22,593,573.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $55.32, for a total transaction of $862,992.00. Following the transaction, the insider now directly owns 58,776 shares in the company, valued at approximately $3,251,488.32. The disclosure for this sale can be found here. Insiders have sold 122,400 shares of company stock worth $6,494,700 in the last three months. Insiders own 8.81% of the company’s stock.
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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