SYSCO Co. (SYY) Holdings Reduced by Salem Investment Counselors Inc.
Salem Investment Counselors Inc. reduced its stake in SYSCO Co. (NYSE:SYY) by 12.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,989 shares of the company’s stock after selling 8,450 shares during the period. Salem Investment Counselors Inc.’s holdings in SYSCO were worth $3,571,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. grew its position in shares of SYSCO by 1.1% during the fourth quarter. Whittier Trust Co. now owns 14,950 shares of the company’s stock worth $936,000 after acquiring an additional 160 shares during the last quarter. Financial Counselors Inc. grew its position in shares of SYSCO by 1.8% during the fourth quarter. Financial Counselors Inc. now owns 8,904 shares of the company’s stock worth $558,000 after acquiring an additional 161 shares during the last quarter. Kaizen Advisory LLC grew its position in shares of SYSCO by 17.2% during the fourth quarter. Kaizen Advisory LLC now owns 1,337 shares of the company’s stock worth $84,000 after acquiring an additional 196 shares during the last quarter. Burney Co. grew its position in shares of SYSCO by 1.2% during the fourth quarter. Burney Co. now owns 16,817 shares of the company’s stock worth $1,054,000 after acquiring an additional 200 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. grew its position in shares of SYSCO by 1.7% during the fourth quarter. Mraz Amerine & Associates Inc. now owns 12,609 shares of the company’s stock worth $790,000 after acquiring an additional 209 shares during the last quarter. Institutional investors own 80.16% of the company’s stock.
In other SYSCO news, insider Russell T. Libby sold 60,156 shares of the firm’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $63.40, for a total value of $3,813,890.40. Following the completion of the sale, the insider now owns 62,597 shares of the company’s stock, valued at $3,968,649.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert S. Charlton sold 22,321 shares of the firm’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $65.83, for a total value of $1,469,391.43. Following the completion of the sale, the executive vice president now directly owns 61,460 shares of the company’s stock, valued at approximately $4,045,911.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 789,477 shares of company stock worth $52,157,382. 7.88% of the stock is currently owned by insiders.
SYSCO (NYSE:SYY) last posted its quarterly earnings data on Monday, February 4th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. SYSCO had a net margin of 2.48% and a return on equity of 71.45%. The firm had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.75 billion. During the same period last year, the firm posted $0.78 EPS. SYSCO’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, analysts expect that SYSCO Co. will post 3.4 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 5th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $1.56 dividend on an annualized basis and a yield of 2.35%. SYSCO’s dividend payout ratio (DPR) is 49.68%.
SYY has been the topic of a number of research reports. Loop Capital set a $75.00 target price on shares of SYSCO and gave the stock a “buy” rating in a research report on Friday, December 14th. Zacks Investment Research upgraded shares of SYSCO from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Tuesday, March 19th. Bank of America lowered shares of SYSCO from a “buy” rating to a “neutral” rating and set a $68.00 target price on the stock. in a research report on Wednesday, January 16th. Finally, Pivotal Research restated a “sell” rating and set a $54.00 target price on shares of SYSCO in a research report on Friday, February 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.00.
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Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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