DnB Asset Management AS Boosts Holdings in SYSCO Co. (SYY)
DnB Asset Management AS grew its holdings in shares of SYSCO Co. (NYSE:SYY) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,158 shares of the company’s stock after acquiring an additional 2,700 shares during the quarter. DnB Asset Management AS’s holdings in SYSCO were worth $4,079,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. First Personal Financial Services raised its stake in shares of SYSCO by 293.2% during the third quarter. First Personal Financial Services now owns 1,962 shares of the company’s stock worth $106,000 after acquiring an additional 1,463 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of SYSCO by 84.6% in the second quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock worth $121,000 after buying an additional 1,100 shares during the period. Manchester Capital Management LLC increased its stake in shares of SYSCO by 13.4% in the second quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock worth $128,000 after buying an additional 300 shares during the period. Blue Chip Partners Inc. increased its stake in shares of SYSCO by 0.6% in the second quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock worth $149,000 after buying an additional 18 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of SYSCO by 465.7% in the third quarter. Advisors Asset Management Inc. now owns 2,783 shares of the company’s stock worth $150,000 after buying an additional 2,291 shares during the period. 80.07% of the stock is currently owned by hedge funds and other institutional investors.
SYSCO Co. (NYSE:SYY) opened at $61.38 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.40 and a debt-to-equity ratio of 3.77. SYSCO Co. has a one year low of $48.85 and a one year high of $62.79. The company has a market cap of $31,980.00, a price-to-earnings ratio of 28.03, a P/E/G ratio of 2.64 and a beta of 0.53.
SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.02. The business had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.43 billion. SYSCO had a net margin of 2.12% and a return on equity of 58.47%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 EPS. analysts anticipate that SYSCO Co. will post 2.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be given a dividend of $0.36 per share. This is an increase from SYSCO’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, January 4th. SYSCO’s payout ratio is presently 65.75%.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of SYSCO from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Tuesday, October 10th. BMO Capital Markets set a $66.00 target price on shares of SYSCO and gave the stock a “buy” rating in a research note on Friday, December 8th. Pivotal Research lifted their target price on shares of SYSCO from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Finally, Loop Capital lifted their target price on shares of SYSCO to $68.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $59.55.
In other SYSCO news, SVP Greg D. Bertrand sold 81,038 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $60.76, for a total transaction of $4,923,868.88. Following the transaction, the senior vice president now directly owns 69,721 shares of the company’s stock, valued at approximately $4,236,247.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $54.71, for a total transaction of $1,641,300.00. Following the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at $22,251,924.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 321,172 shares of company stock worth $18,233,905. Insiders own 9.60% 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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