Sysco Corporation (SYY) Stake Maintained by OLD Republic International Corp
OLD Republic International Corp continued to hold its position in Sysco Corporation (NYSE:SYY) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 627,400 shares of the company’s stock at the end of the first quarter. OLD Republic International Corp’s holdings in Sysco Corporation were worth $32,575,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Affinity Wealth Management increased its stake in Sysco Corporation by 7.0% in the first quarter. Affinity Wealth Management now owns 11,175 shares of the company’s stock worth $580,000 after buying an additional 735 shares during the last quarter. Howe & Rusling Inc. increased its stake in Sysco Corporation by 81.1% in the first quarter. Howe & Rusling Inc. now owns 2,595 shares of the company’s stock worth $135,000 after buying an additional 1,162 shares during the last quarter. Pinnacle Bank bought a new stake in Sysco Corporation during the first quarter worth about $217,000. Americafirst Capital Management LLC bought a new stake in Sysco Corporation during the first quarter worth about $320,000. Finally, Doyle Wealth Management bought a new stake in Sysco Corporation during the first quarter worth about $252,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sysco Corporation (NYSE:SYY) traded up 0.81% during mid-day trading on Friday, hitting $51.28. 1,085,049 shares of the stock traded hands. The company has a market cap of $27.44 billion, a price-to-earnings ratio of 27.03 and a beta of 0.52. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The stock has a 50-day moving average of $50.96 and a 200-day moving average of $52.62.
Sysco Corporation (NYSE:SYY) last released its quarterly earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.14 billion. During the same quarter last year, the firm earned $0.46 EPS. Sysco Corporation’s revenue for the quarter was up 12.7% on a year-over-year basis. Analysts anticipate that Sysco Corporation will post $2.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.59%. Sysco Corporation’s payout ratio is presently 69.47%.
SYY has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Bank of America Corporation reiterated a “buy” rating and set a $61.00 price target on shares of Sysco Corporation in a research report on Monday, June 26th. BMO Capital Markets upgraded shares of Sysco Corporation from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $56.00 to $60.00 in a research report on Thursday, May 4th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $57.00 price target on shares of Sysco Corporation in a research report on Friday, June 23rd. Finally, Barclays PLC reiterated an “equal weight” rating and set a $57.00 price target (up from $53.00) on shares of Sysco Corporation in a research report on Tuesday, May 9th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $56.02.
In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $50.87, for a total value of $793,572.00. Following the sale, the insider now directly owns 58,776 shares in the company, valued at approximately $2,989,935.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $55.55, for a total transaction of $1,666,500.00. Following the completion of the sale, the chief executive officer now owns 406,725 shares in the company, valued at $22,593,573.75. The disclosure for this sale can be found here. Insiders sold a total of 152,400 shares of company stock worth $8,121,300 over the last quarter. 8.81% of the stock is currently owned by company insiders.
Sysco Corporation Company Profile
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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