Hexavest Inc. Sells 110,285 Shares of Sysco Corporation (SYY)
Hexavest Inc. decreased its position in Sysco Corporation (NYSE:SYY) by 7.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,436,224 shares of the company’s stock after selling 110,285 shares during the period. Sysco Corporation accounts for approximately 0.9% of Hexavest Inc.’s portfolio, making the stock its 27th largest position. Hexavest Inc.’s holdings in Sysco Corporation were worth $72,285,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares in the last quarter. BlackRock Inc. raised its position in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after buying an additional 30,735,711 shares in the last quarter. Ameriprise Financial Inc. raised its position in Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock valued at $510,776,000 after buying an additional 118,939 shares in the last quarter. Bank of New York Mellon Corp raised its position in Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock valued at $347,241,000 after buying an additional 385,492 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Sysco Corporation by 18.3% in the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock valued at $246,405,000 after buying an additional 733,433 shares in the last quarter. 78.49% of the stock is currently owned by institutional investors and hedge funds.
Sysco Corporation (NYSE SYY) traded down 0.45% during midday trading on Wednesday, reaching $51.36. 1,534,414 shares of the company traded hands. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The stock’s 50 day moving average is $51.01 and its 200 day moving average is $52.58. The company has a market capitalization of $27.49 billion, a price-to-earnings ratio of 27.07 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 52.09%. The business had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. During the same period last year, the business earned $0.64 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts anticipate that Sysco Corporation will post $2.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s payout ratio is currently 63.16%.
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Several research firms have commented on SYY. BidaskClub lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. Barclays PLC reissued an “equal weight” rating and issued a $57.00 target price (up from $53.00) on shares of Sysco Corporation in a report on Tuesday, May 9th. Royal Bank Of Canada raised their target price on shares of Sysco Corporation from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Tuesday, May 9th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price (up from $50.00) on shares of Sysco Corporation in a report on Monday, May 8th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Sysco Corporation currently has an average rating of “Hold” and a consensus target price of $56.02.
In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $54.25, for a total transaction of $846,300.00. Following the transaction, the insider now directly owns 58,776 shares in the company, valued at $3,188,598. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 in the company, valued at $22,593,573.75. The disclosure for this sale can be found here. Insiders have sold 122,400 shares of company stock worth $6,494,700 over the last quarter. Company 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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