Envestnet Asset Management Inc. Has $5.70 Million Position in Sysco Corporation (SYY)
Envestnet Asset Management Inc. lowered its holdings in Sysco Corporation (NYSE:SYY) by 4.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 105,690 shares of the company’s stock after selling 5,063 shares during the period. Envestnet Asset Management Inc.’s holdings in Sysco were worth $5,702,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of SYY. Private Advisor Group LLC lifted its holdings in Sysco by 3.7% during the 3rd quarter. Private Advisor Group LLC now owns 33,100 shares of the company’s stock worth $1,786,000 after buying an additional 1,187 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in Sysco by 1.2% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 106,336 shares of the company’s stock worth $5,737,000 after buying an additional 1,305 shares during the last quarter. Stifel Financial Corp lifted its holdings in Sysco by 6.8% during the 3rd quarter. Stifel Financial Corp now owns 1,167,751 shares of the company’s stock worth $62,951,000 after buying an additional 74,275 shares during the last quarter. Pinebridge Investments L.P. lifted its holdings in Sysco by 3.6% during the 3rd quarter. Pinebridge Investments L.P. now owns 40,328 shares of the company’s stock worth $2,175,000 after buying an additional 1,390 shares during the last quarter. Finally, Strategic Global Advisors LLC bought a new position in Sysco during the 3rd quarter worth approximately $212,000. 80.22% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Trian Fund Management, L.P. sold 372,314 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $53.09, for a total value of $19,766,150.26. Following the sale, the director now directly owns 5,529 shares in the company, valued at approximately $293,534.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $56.66, for a total value of $883,896.00. Following the completion of the sale, the insider now owns 56,985 shares in the company, valued at $3,228,770.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,237,981 shares of company stock worth $120,454,412. 9.60% of the stock is owned by insiders.
Shares of Sysco Corporation (SYY) traded up $1.73 during trading on Friday, hitting $62.64. The stock had a trading volume of 4,414,054 shares, compared to its average volume of 2,308,656. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.40 and a quick ratio of 0.88. The firm has a market cap of $31,737.54, a PE ratio of 23.89, a price-to-earnings-growth ratio of 2.72 and a beta of 0.54. Sysco Corporation has a fifty-two week low of $48.85 and a fifty-two week high of $62.79.
Sysco (NYSE:SYY) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.43 billion. Sysco had a return on equity of 58.47% and a net margin of 2.12%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.67 EPS. research analysts forecast that Sysco Corporation will post 2.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 5th will be given a $0.36 dividend. This is a boost from Sysco’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, January 4th. Sysco’s dividend payout ratio (DPR) is currently 60.00%.
A number of research analysts have commented on SYY shares. Royal Bank Of Canada set a $50.00 target price on Sysco and gave the stock a “hold” rating in a report on Friday, August 11th. Pivotal Research set a $53.00 target price on Sysco and gave the stock a “hold” rating in a report on Sunday, August 13th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco in a report on Monday, August 14th. Zacks Investment Research downgraded Sysco from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Sysco in a research report on Tuesday, September 12th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $56.92.
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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