Benin Management CORP decreased its stake in SYSCO Co. (NYSE:SYY) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,950 shares of the company’s stock after selling 550 shares during the period. SYSCO makes up 1.2% of Benin Management CORP’s investment portfolio, making the stock its 18th largest holding. Benin Management CORP’s holdings in SYSCO were worth $2,733,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in SYY. Chicago Partners Investment Group LLC raised its position in SYSCO by 2.0% during the third quarter. Chicago Partners Investment Group LLC now owns 6,482 shares of the company’s stock worth $512,000 after acquiring an additional 126 shares during the last quarter. Tiemann Investment Advisors LLC raised its position in SYSCO by 4.1% during the third quarter. Tiemann Investment Advisors LLC now owns 3,213 shares of the company’s stock worth $255,000 after acquiring an additional 126 shares during the last quarter. YorkBridge Wealth Partners LLC raised its position in SYSCO by 1.6% during the fourth quarter. YorkBridge Wealth Partners LLC now owns 7,906 shares of the company’s stock worth $676,000 after acquiring an additional 127 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV grew its holdings in shares of SYSCO by 0.5% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 25,552 shares of the company’s stock worth $2,186,000 after buying an additional 132 shares in the last quarter. Finally, Segment Wealth Management LLC grew its holdings in shares of SYSCO by 1.6% during the third quarter. Segment Wealth Management LLC now owns 8,327 shares of the company’s stock worth $661,000 after buying an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 78.61% of the company’s stock.
A number of research firms recently issued reports on SYY. BMO Capital Markets boosted their target price on shares of SYSCO to $88.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Piper Jaffray Companies began coverage on shares of SYSCO in a report on Thursday, December 12th. They issued an “overweight” rating and a $94.00 target price for the company. ValuEngine downgraded shares of SYSCO from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Bank of America boosted their target price on shares of SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler restated a “neutral” rating and issued a $90.00 target price (down from $94.00) on shares of SYSCO in a report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $79.13.
Shares of SYY stock opened at $83.59 on Friday. The stock has a market cap of $42.47 billion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 2.22 and a beta of 0.48. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 3.74. SYSCO Co. has a fifty-two week low of $61.49 and a fifty-two week high of $85.98. The firm’s 50 day moving average price is $84.08 and its two-hundred day moving average price is $78.17.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $15.30 billion for the quarter, compared to analysts’ expectations of $15.53 billion. SYSCO had a net margin of 2.82% and a return on equity of 79.60%. SYSCO’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. On average, equities analysts forecast that SYSCO Co. will post 3.8 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 3rd will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.15%. This is a boost from SYSCO’s previous quarterly dividend of $0.39. The ex-dividend date is Thursday, January 2nd. SYSCO’s payout ratio is 50.70%.
In other SYSCO news, CEO Thomas Bene sold 39,384 shares of SYSCO stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $80.00, for a total transaction of $3,150,720.00. Following the transaction, the chief executive officer now directly owns 132,929 shares of the company’s stock, valued at $10,634,320. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Brian R. Todd sold 12,520 shares of SYSCO stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $85.06, for a total transaction of $1,064,951.20. Following the transaction, the senior vice president now directly owns 28,145 shares in the company, valued at $2,394,013.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 227,412 shares of company stock worth $18,867,462. 5.24% of the stock is currently owned by corporate insiders.
SYSCO Company Profile
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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