Sysco Corporation (SYY) Shares Sold by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. cut its stake in Sysco Corporation (NYSE:SYY) by 35.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,371 shares of the company’s stock after selling 45,448 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Sysco were worth $4,497,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Exane Derivatives increased its position in Sysco by 137.8% during the third quarter. Exane Derivatives now owns 48,699 shares of the company’s stock worth $2,627,000 after acquiring an additional 28,217 shares during the period. Sei Investments Co. increased its holdings in Sysco by 29.3% in the 2nd quarter. Sei Investments Co. now owns 238,395 shares of the company’s stock valued at $11,998,000 after buying an additional 54,078 shares during the period. FDx Advisors Inc. increased its holdings in Sysco by 27.6% in the 3rd quarter. FDx Advisors Inc. now owns 35,396 shares of the company’s stock valued at $1,910,000 after buying an additional 7,652 shares during the period. BARING ASSET MANAGEMENT Ltd increased its holdings in Sysco by 15.5% in the 2nd quarter. BARING ASSET MANAGEMENT Ltd now owns 28,118 shares of the company’s stock valued at $1,415,000 after buying an additional 3,773 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Sysco by 20.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,917,645 shares of the company’s stock valued at $146,845,000 after buying an additional 491,398 shares during the period. 80.22% of the stock is currently owned by institutional investors.
Sysco Corporation (NYSE SYY) traded up $0.05 on Friday, hitting $60.95. 5,965,626 shares of the stock were exchanged, compared to its average volume of 2,575,291. Sysco Corporation has a one year low of $48.85 and a one year high of $62.79. The company has a current ratio of 1.40, a quick ratio of 0.88 and a debt-to-equity ratio of 3.77. The firm has a market cap of $31,732.33, a P/E ratio of 23.88, a P/E/G ratio of 2.61 and a beta of 0.54.
Sysco (NYSE:SYY) last posted its quarterly earnings results on Monday, November 6th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.02. Sysco had a net margin of 2.12% and a return on equity of 58.47%. The company had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.43 billion. During the same period last year, the company posted $0.67 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. equities analysts predict that Sysco Corporation will post 2.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 5th will be paid a $0.36 dividend. This is an increase from Sysco’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, January 4th. Sysco’s dividend payout ratio (DPR) is presently 60.00%.
In other Sysco news, Director Trian Fund Management, L.P. bought 889,561 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were acquired at an average cost of $53.68 per share, for a total transaction of $47,751,634.48. Following the transaction, the director now directly owns 5,529 shares in the company, valued at $296,796.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William J. Delaney III sold 400,000 shares of Sysco stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $53.91, for a total transaction of $21,564,000.00. Following the sale, the chief executive officer now owns 576,725 shares in the company, valued at $31,091,244.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,827,867 shares of company stock worth $98,744,178. 9.60% of the stock is currently owned by corporate insiders.
Several research firms have commented on SYY. Loop Capital raised their target price on shares of Sysco to $68.00 and gave the company a “buy” rating in a report on Monday, December 11th. Pivotal Research raised their target price on shares of Sysco from $53.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. BMO Capital Markets set a $66.00 target price on shares of Sysco and gave the company a “buy” rating in a report on Friday, December 8th. Finally, Zacks Investment Research lowered shares of Sysco from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $58.55.
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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