Rench Wealth Management Inc. cut its stake in shares of Sysco Corporation (NYSE:SYY) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,274 shares of the company’s stock after selling 261 shares during the quarter. Sysco Corporation makes up 2.0% of Rench Wealth Management Inc.’s portfolio, making the stock its 26th largest holding. Rench Wealth Management Inc.’s holdings in Sysco Corporation were worth $2,681,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Kistler Tiffany Companies LLC grew its holdings in shares of Sysco Corporation by 0.4% during the second quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after purchasing an additional 12 shares during the last quarter. Buckingham Asset Management LLC grew its holdings in shares of Sysco Corporation by 0.3% during the first quarter. Buckingham Asset Management LLC now owns 5,904 shares of the company’s stock valued at $307,000 after purchasing an additional 16 shares during the last quarter. Schnieders Capital Management LLC grew its holdings in shares of Sysco Corporation by 0.4% during the second quarter. Schnieders Capital Management LLC now owns 4,070 shares of the company’s stock valued at $205,000 after purchasing an additional 18 shares during the last quarter. Blue Chip Partners Inc. grew its holdings in shares of Sysco Corporation by 0.6% during the second quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock valued at $149,000 after purchasing an additional 18 shares during the last quarter. Finally, Northwest Quadrant Wealth Management LLC grew its holdings in shares of Sysco Corporation by 0.6% during the second quarter. Northwest Quadrant Wealth Management LLC now owns 5,169 shares of the company’s stock valued at $269,000 after purchasing an additional 29 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

In related news, Director Trian Fund Management, L.P. purchased 889,561 shares of the stock in a transaction that occurred on Tuesday, September 19th. The stock was acquired at an average price of $53.68 per share, with a total value of $47,751,634.48. Following the completion of the acquisition, the director now directly owns 5,529 shares in the company, valued at approximately $296,796.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul T. Moskowitz sold 16,667 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $54.12, for a total transaction of $902,018.04. Following the completion of the sale, the insider now directly owns 61,936 shares of the company’s stock, valued at approximately $3,351,976.32. The disclosure for this sale can be found here. In the last three months, insiders sold 2,141,381 shares of company stock valued at $114,829,988. 8.81% of the stock is currently owned by company insiders.

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Shares of Sysco Corporation (SYY) opened at 54.23 on Friday. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The firm has a market capitalization of $28.63 billion, a P/E ratio of 26.07 and a beta of 0.52. The firm has a 50-day moving average price of $53.15 and a 200-day moving average price of $52.73.

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. The business had revenue of $14.40 billion during the quarter, compared to analyst estimates of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. On average, equities research analysts anticipate that Sysco Corporation will post $2.76 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s dividend payout ratio is currently 63.16%.

A number of brokerages recently issued reports on SYY. BidaskClub lowered Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. BMO Capital Markets reissued an “outperform” rating on shares of Sysco Corporation in a report on Tuesday, September 12th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $57.00 price objective on shares of Sysco Corporation in a report on Friday, June 23rd. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a report on Friday, June 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price objective on shares of Sysco Corporation in a report on Friday, August 4th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Sysco Corporation currently has an average rating of “Hold” and a consensus price target of $56.17.

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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Institutional Ownership by Quarter for Sysco Corporation (NYSE:SYY)

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