Investors Buy Shares of Sysco Corporation (SYY) on Weakness
Traders bought shares of Sysco Corporation (NYSE:SYY) on weakness during trading hours on Wednesday. $40.02 million flowed into the stock on the tick-up and $25.21 million flowed out of the stock on the tick-down, for a money net flow of $14.81 million into the stock. Of all companies tracked, Sysco Corporation had the 27th highest net in-flow for the day. Sysco Corporation traded down ($0.40) for the day and closed at $51.19
Several analysts have weighed in on the company. Zacks Investment Research lowered Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a report on Monday. Pivotal Research set a $53.00 target price on Sysco Corporation and gave the company a “hold” rating in a report on Sunday. Royal Bank Of Canada set a $50.00 target price on Sysco Corporation and gave the company a “hold” rating in a report on Friday, August 11th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price on shares of Sysco Corporation in a report on Friday, August 4th. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Sysco Corporation currently has a consensus rating of “Hold” and a consensus target price of $56.02.
The company has a market cap of $27.40 billion, a price-to-earnings ratio of 26.98 and a beta of 0.52. The company’s 50 day moving average price is $51.06 and its 200-day moving average price is $52.57.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.01. Sysco Corporation had a return on equity of 52.09% and a net margin of 2.06%. The business had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts expect that Sysco Corporation will post $2.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.58%. Sysco Corporation’s dividend payout ratio is 63.16%.
In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $54.25, for a total value of $846,300.00. Following the transaction, the insider now owns 58,776 shares in the company, valued at $3,188,598. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 406,725 shares in the company, valued at approximately $20,303,712. 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 quarter. 8.81% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Sysco Corporation by 27.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,866 shares of the company’s stock worth $1,914,000 after buying an additional 8,021 shares during the period. Citizens Financial Group Inc. RI increased its position in shares of Sysco Corporation by 1,233.5% in the first quarter. Citizens Financial Group Inc. RI now owns 157,557 shares of the company’s stock worth $8,181,000 after buying an additional 145,742 shares during the period. Commerzbank Aktiengesellschaft FI increased its position in shares of Sysco Corporation by 402.9% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 103,770 shares of the company’s stock worth $5,388,000 after buying an additional 83,136 shares during the period. Suntrust Banks Inc. increased its position in shares of Sysco Corporation by 2.6% in the first quarter. Suntrust Banks Inc. now owns 242,423 shares of the company’s stock worth $12,585,000 after buying an additional 6,218 shares during the period. Finally, Northern Capital Management LLC purchased a new position in shares of Sysco Corporation during the first quarter worth approximately $728,000. Hedge funds and other institutional investors own 78.49% of the company’s stock.
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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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