Kornitzer Capital Management Inc. KS Reduces Position in Sysco Corporation $SYY

Kornitzer Capital Management Inc. KS decreased its position in Sysco Corporation (NYSE:SYY) by 6.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,136 shares of the company’s stock after selling 11,299 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Sysco were worth $13,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its position in Sysco by 75.0% in the third quarter. Harbor Capital Advisors Inc. now owns 315 shares of the company’s stock valued at $26,000 after buying an additional 135 shares during the last quarter. Chung Wu Investment Group LLC acquired a new stake in Sysco during the 2nd quarter valued at approximately $30,000. Darwin Wealth Management LLC purchased a new stake in shares of Sysco in the 2nd quarter valued at $31,000. Vermillion & White Wealth Management Group LLC increased its stake in shares of Sysco by 94.9% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 419 shares of the company’s stock worth $32,000 after acquiring an additional 204 shares during the period. Finally, Hantz Financial Services Inc. raised its holdings in shares of Sysco by 234.3% during the second quarter. Hantz Financial Services Inc. now owns 458 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

SYY has been the topic of several analyst reports. Citigroup cut their price target on Sysco from $82.00 to $81.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 7th. Morgan Stanley reduced their price target on Sysco from $88.00 to $85.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Sysco in a research report on Monday, December 29th. Wall Street Zen lowered shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Sanford C. Bernstein started coverage on shares of Sysco in a research report on Wednesday, October 22nd. They set a “market perform” rating and a $83.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.75.

Sysco Trading Down 0.7%

Shares of NYSE:SYY opened at $75.67 on Tuesday. The business’s 50 day moving average price is $74.98 and its 200-day moving average price is $77.73. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $83.47. The firm has a market capitalization of $36.23 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The company has a debt-to-equity ratio of 5.54, a current ratio of 1.15 and a quick ratio of 0.65.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $21.15 billion during the quarter, compared to analysts’ expectations of $21.03 billion. Sysco had a net margin of 2.21% and a return on equity of 112.04%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 earnings per share. On average, equities research analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Investors of record on Friday, January 2nd were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, January 2nd. Sysco’s dividend payout ratio is 57.91%.

About Sysco

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.