Berkshire Asset Management LLC PA cut its stake in SYSCO Co. (NYSE:SYY) by 3.3% in the third quarter, Holdings Channel reports. The fund owned 39,885 shares of the company’s stock after selling 1,356 shares during the period. Berkshire Asset Management LLC PA’s holdings in SYSCO were worth $2,922,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of SYSCO by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,305,931 shares of the company’s stock valued at $78,304,000 after purchasing an additional 24,824 shares during the last quarter. A.R.T. Advisors LLC lifted its holdings in shares of SYSCO by 100.0% during the 1st quarter. A.R.T. Advisors LLC now owns 39,006 shares of the company’s stock valued at $2,338,000 after purchasing an additional 19,500 shares during the last quarter. Natixis purchased a new stake in shares of SYSCO during the 1st quarter valued at $4,220,000. Hancock Holding Co. purchased a new stake in shares of SYSCO during the 1st quarter valued at $814,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of SYSCO by 8.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 80,091 shares of the company’s stock valued at $4,793,000 after purchasing an additional 6,062 shares during the last quarter. 80.22% of the stock is owned by institutional investors.
Several analysts have recently commented on SYY shares. Citigroup increased their price objective on SYSCO from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, June 19th. ValuEngine upgraded SYSCO from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Morgan Stanley increased their price objective on SYSCO from $61.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, July 17th. Wells Fargo & Co increased their price objective on SYSCO from $71.00 to $80.00 and gave the company a “$70.32” rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered SYSCO from a “hold” rating to a “sell” rating in a research note on Monday, July 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. SYSCO presently has a consensus rating of “Hold” and an average price target of $72.42.
Shares of SYY stock opened at $68.82 on Friday. The firm has a market capitalization of $38.07 billion, a P/E ratio of 21.92, a PEG ratio of 1.98 and a beta of 0.56. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt-to-equity ratio of 3.01. SYSCO Co. has a 1 year low of $52.30 and a 1 year high of $75.98.
SYSCO (NYSE:SYY) last issued its earnings results on Monday, August 13th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. The company had revenue of $15.32 billion during the quarter, compared to analyst estimates of $15.30 billion. SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS. Analysts forecast that SYSCO Co. will post 3.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Investors of record on Friday, October 5th will be paid a $0.36 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.09%. SYSCO’s dividend payout ratio (DPR) is 45.86%.
In related news, Director Richard G. Tilghman sold 5,000 shares of the firm’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $70.61, for a total value of $353,050.00. Following the completion of the transaction, the director now owns 71,137 shares in the company, valued at approximately $5,022,983.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $74.81, for a total value of $158,249,931.98. Following the completion of the transaction, the director now owns 4,005 shares of the company’s stock, valued at approximately $299,614.05. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock valued at $297,380,043 in the last 90 days. 9.60% of the stock is currently owned by company insiders.
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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