SYSCO Co. (SYY) Shares Bought by State Treasurer State of Michigan
State Treasurer State of Michigan lifted its position in shares of SYSCO Co. (NYSE:SYY) by 21.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 171,079 shares of the company’s stock after purchasing an additional 29,700 shares during the period. State Treasurer State of Michigan’s holdings in SYSCO were worth $11,683,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of SYY. Nissay Asset Management Corp Japan ADV grew its holdings in shares of SYSCO by 1.6% during the second quarter. Nissay Asset Management Corp Japan ADV now owns 94,107 shares of the company’s stock worth $6,427,000 after buying an additional 1,505 shares during the last quarter. CIBC World Markets Inc. grew its holdings in shares of SYSCO by 19.7% during the second quarter. CIBC World Markets Inc. now owns 4,876 shares of the company’s stock worth $333,000 after buying an additional 803 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of SYSCO during the second quarter worth about $1,351,000. Chesapeake Wealth Management grew its holdings in shares of SYSCO by 28.1% during the second quarter. Chesapeake Wealth Management now owns 11,583 shares of the company’s stock worth $791,000 after buying an additional 2,539 shares during the last quarter. Finally, Trust Co. of Virginia VA purchased a new position in shares of SYSCO during the second quarter worth about $213,000. Institutional investors and hedge funds own 79.15% of the company’s stock.
In other news, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $70.61, for a total transaction of $353,050.00. Following the completion of the sale, the director now directly owns 71,137 shares in the company, valued at approximately $5,022,983.57. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Brian R. Todd sold 9,147 shares of SYSCO stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the sale, the senior vice president now owns 11,747 shares of the company’s stock, valued at $867,163.54. The disclosure for this sale can be found here. Insiders sold a total of 3,133,781 shares of company stock worth $207,428,536 in the last ninety days. 9.60% of the stock is owned by corporate insiders.
SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. SYSCO had a return on equity of 64.33% and a net margin of 2.23%. The company had revenue of $15.32 billion for the quarter, compared to analyst estimates of $15.30 billion. During the same quarter in the previous year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. analysts expect that SYSCO Co. will post 3.01 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, October 4th. SYSCO’s dividend payout ratio is presently 58.06%.
A number of equities analysts recently issued reports on SYY shares. Wells Fargo & Co raised their price target on SYSCO from $71.00 to $80.00 and gave the stock a “$70.32” rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. Morgan Stanley raised their price target on SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 17th. Zacks Investment Research lowered SYSCO from a “hold” rating to a “sell” rating in a report on Monday, July 23rd. Credit Suisse Group raised their price target on SYSCO from $68.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, May 8th. Finally, ValuEngine lowered SYSCO from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $72.42.
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 in the United States, Canada, Bahamas, Mexico, Costa Rica, Panama, the United Kingdom, France, Sweden, Ireland, Belgium, Spain, and Luxembourg.
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