SYSCO Co. (SYY) Stake Boosted by Bank of Nova Scotia
Bank of Nova Scotia increased its position in SYSCO Co. (NYSE:SYY) by 886.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,228 shares of the company’s stock after buying an additional 102,644 shares during the period. Bank of Nova Scotia’s holdings in SYSCO were worth $5,930,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the company. Kistler Tiffany Companies LLC increased its position in SYSCO by 0.4% in the first quarter. Kistler Tiffany Companies LLC now owns 2,903 shares of the company’s stock worth $151,000 after buying an additional 13 shares in the last quarter. Buckingham Asset Management LLC raised its stake in SYSCO by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 5,904 shares of the company’s stock valued at $307,000 after buying an additional 16 shares during the last quarter. Blue Chip Partners Inc. raised its stake in SYSCO by 0.6% in the first quarter. Blue Chip Partners Inc. now owns 2,949 shares of the company’s stock valued at $153,000 after buying an additional 19 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in SYSCO by 1.2% in the first quarter. Sequoia Financial Advisors LLC now owns 4,198 shares of the company’s stock valued at $218,000 after buying an additional 50 shares during the last quarter. Finally, Folger Nolan Fleming Douglas Capital Management Inc. raised its stake in SYSCO by 0.3% in the first quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 22,445 shares of the company’s stock valued at $1,165,000 after buying an additional 68 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.
Shares of SYSCO Co. (NYSE SYY) traded down 0.633% during mid-day trading on Thursday, reaching $50.995. 603,963 shares of the company traded hands. SYSCO Co. has a 52-week low of $47.15 and a 52-week high of $57.07. The stock’s 50 day moving average is $51.04 and its 200 day moving average is $52.64. The stock has a market capitalization of $27.29 billion, a PE ratio of 26.882 and a beta of 0.52.
SYSCO (NYSE:SYY) last issued its earnings results on Monday, May 8th. The company reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. SYSCO had a net margin of 1.76% and a return on equity of 39.77%. The company had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.14 billion. During the same quarter in the previous year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, analysts anticipate that SYSCO Co. will post $2.47 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be paid a $0.33 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.57%. SYSCO’s dividend payout ratio is presently 69.47%.
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Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company reissued a “buy” rating on shares of SYSCO in a research report on Friday, June 23rd. BidaskClub lowered shares of SYSCO from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price objective on shares of SYSCO in a research report on Friday, August 4th. BMO Capital Markets set a $60.00 price objective on shares of SYSCO and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Finally, Loop Capital assumed coverage on shares of SYSCO in a research report on Monday, May 15th. They issued a “buy” rating and a $61.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.02.
In other news, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $54.22, for a total value of $1,626,600.00. Following the sale, the chief executive officer now owns 406,725 shares in the company, valued at approximately $22,052,629.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $54.25, for a total transaction of $846,300.00. Following the completion of the sale, the insider now owns 58,776 shares in the company, valued at approximately $3,188,598. The disclosure for this sale can be found here. Insiders sold a total of 152,400 shares of company stock worth $8,121,300 in the last 90 days. 8.81% of the stock is owned by corporate insiders.
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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