Parsec Financial Management Inc. Decreases Stake in Sysco Corporation (SYY)
Parsec Financial Management Inc. lowered its stake in Sysco Corporation (NYSE:SYY) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 282,769 shares of the company’s stock after selling 10,254 shares during the period. Parsec Financial Management Inc. owned approximately 0.05% of Sysco Corporation worth $14,232,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after buying an additional 1,064,162 shares in the last quarter. BlackRock Inc. boosted 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 worth $1,672,219,000 after buying an additional 30,735,711 shares during the period. Ameriprise Financial Inc. boosted 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 worth $510,776,000 after buying an additional 118,939 shares during the period. Bank of New York Mellon Corp boosted 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 worth $347,241,000 after buying an additional 385,492 shares during the period. Finally, Bank of America Corp DE boosted 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 worth $246,405,000 after buying an additional 733,433 shares during the period. 78.84% of the stock is currently owned by hedge funds and other institutional investors.
Sysco Corporation (SYY) opened at 52.29 on Wednesday. The firm has a market cap of $27.72 billion, a price-to-earnings ratio of 25.14 and a beta of 0.52. The stock’s 50 day moving average is $51.35 and its 200-day moving average is $52.53. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The company had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. During the same period in the prior year, the business earned $0.64 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities research analysts expect that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.52%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s payout ratio is 63.16%.
SYY has been the subject of a number of research reports. Zacks Investment Research cut Sysco Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Royal Bank Of Canada set a $50.00 target price on shares of Sysco Corporation and gave the company a “hold” rating in a research note on Friday, August 11th. Bank of America Corporation reiterated a “buy” rating and issued a $61.00 target price on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company reiterated a “buy” rating on shares of Sysco Corporation in a research note on Monday, August 14th. Finally, BMO Capital Markets upgraded shares of Sysco Corporation from a “market perform” rating to an “outperform” rating and raised their target price for the company from $56.00 to $60.00 in a research note on Thursday, May 4th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $55.71.
In other Sysco Corporation news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,303,712. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Wayne Shurts sold 7,800 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $55.30, for a total transaction of $431,340.00. Following the transaction, the executive vice president now owns 58,776 shares in the company, valued at $3,250,312.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,200 shares of company stock worth $8,397,012. 8.81% of the stock is owned by company insiders.
Sysco Corporation Company Profile
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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