Sabal Trust CO Increases Stake in Sysco Corp. (SYY)
Sabal Trust CO boosted its stake in Sysco Corp. (NYSE:SYY) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465,104 shares of the company’s stock after buying an additional 9,269 shares during the period. Sysco Corp. comprises 2.7% of Sabal Trust CO’s holdings, making the stock its 18th largest position. Sabal Trust CO owned approximately 0.08% of Sysco Corp. worth $23,600,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eagle Asset Management Inc. increased its position in Sysco Corp. by 5.7% in the second quarter. Eagle Asset Management Inc. now owns 1,767,902 shares of the company’s stock valued at $89,703,000 after buying an additional 95,309 shares during the period. Nuveen Asset Management LLC increased its position in Sysco Corp. by 1,825.0% in the first quarter. Nuveen Asset Management LLC now owns 688,095 shares of the company’s stock valued at $32,155,000 after buying an additional 652,350 shares during the period. Panagora Asset Management Inc. increased its position in Sysco Corp. by 1,297.1% in the first quarter. Panagora Asset Management Inc. now owns 821,152 shares of the company’s stock valued at $38,372,000 after buying an additional 762,376 shares during the period. Euclid Advisors LLC increased its position in Sysco Corp. by 1,894.8% in the first quarter. Euclid Advisors LLC now owns 621,764 shares of the company’s stock valued at $29,055,000 after buying an additional 590,594 shares during the period. Finally, Douglass Winthrop Advisors LLC increased its position in Sysco Corp. by 21.6% in the second quarter. Douglass Winthrop Advisors LLC now owns 6,755 shares of the company’s stock valued at $343,000 after buying an additional 1,200 shares during the period. 76.65% of the stock is owned by institutional investors and hedge funds.
Shares of Sysco Corp. (NYSE:SYY) traded down 1.66% during mid-day trading on Tuesday, hitting $48.11. The stock had a trading volume of 3,915,055 shares. The firm has a market cap of $26.71 billion, a price-to-earnings ratio of 29.34 and a beta of 0.52. Sysco Corp. has a one year low of $38.84 and a one year high of $53.97. The company has a 50-day moving average of $51.01 and a 200 day moving average of $49.64.
Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The firm had revenue of $13.65 billion for the quarter, compared to analyst estimates of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The company’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. On average, equities research analysts forecast that Sysco Corp. will post $2.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio (DPR) is currently 75.15%.
SYY has been the subject of several research reports. Barclays PLC initiated coverage on Sysco Corp. in a research note on Friday, September 23rd. They set an “underweight” rating and a $48.00 price target for the company. Argus boosted their target price on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Vetr raised shares of Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 target price for the company in a research note on Monday, September 12th. Jefferies Group reissued a “hold” rating and issued a $50.00 target price on shares of Sysco Corp. in a research note on Friday. Finally, Morgan Stanley reissued a “sell” rating on shares of Sysco Corp. in a research note on Monday, June 20th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Sysco Corp. has an average rating of “Hold” and an average target price of $50.45.
In other Sysco Corp. news, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $49.51, for a total value of $995,844.14. Following the sale, the chief executive officer now owns 422,507 shares of the company’s stock, valued at approximately $20,918,321.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider William B. Day sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $51.89, for a total value of $1,037,800.00. Following the completion of the sale, the insider now directly owns 106,283 shares in the company, valued at approximately $5,515,024.87. The disclosure for this sale can be found here. 7.77% of the stock is owned by company insiders.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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