Greg D. Bertrand Sells 7,382 Shares of Sysco Corp. (SYY) Stock
Sysco Corp. (NYSE:SYY) SVP Greg D. Bertrand sold 7,382 shares of the firm’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $53.50, for a total value of $394,937.00. Following the completion of the transaction, the senior vice president now owns 38,272 shares in the company, valued at approximately $2,047,552. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Sysco Corp. (NYSE:SYY) opened at 53.36 on Friday. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $54.66. The stock’s 50 day moving average price is $49.43 and its 200-day moving average price is $50.25. The firm has a market capitalization of $29.18 billion, a P/E ratio of 29.51 and a beta of 0.49.
Sysco Corp. (NYSE:SYY) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.09. The business had revenue of $14 billion for the quarter, compared to analyst estimates of $13.88 billion. Sysco Corp. had a return on equity of 35.49% and a net margin of 1.99%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. On average, analysts forecast that Sysco Corp. will post $2.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, January 4th. This is an increase from Sysco Corp.’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.47%. Sysco Corp.’s dividend payout ratio is 68.13%.
Institutional investors have 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. Sabal Trust CO increased its position in Sysco Corp. by 2.0% in the second quarter. Sabal Trust CO now owns 465,104 shares of the company’s stock valued at $23,600,000 after buying an additional 9,269 shares during the period. Parsec Financial Management Inc. increased its position in Sysco Corp. by 1.2% in the second quarter. Parsec Financial Management Inc. now owns 333,992 shares of the company’s stock valued at $16,947,000 after buying an additional 3,912 shares during the period. Advisor Partners LLC increased its position in Sysco Corp. by 4.0% in the second quarter. Advisor Partners LLC now owns 7,808 shares of the company’s stock valued at $396,000 after buying an additional 299 shares during the period. Finally, Gareth Morgan Investments Limited Partnership acquired a new position in Sysco Corp. during the second quarter valued at $3,297,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.
Several research analysts have recently commented on the company. Bank of America Corp. set a $54.00 price target on Sysco Corp. and gave the stock a “hold” rating in a report on Saturday, September 17th. Pivotal Research lifted their price target on Sysco Corp. from $45.00 to $53.00 and gave the stock a “hold” rating in a report on Tuesday, November 8th. Argus lifted their price target on Sysco Corp. from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 19th. BMO Capital Markets set a $56.00 price target on Sysco Corp. and gave the stock a “hold” rating in a report on Wednesday, November 9th. Finally, Barclays PLC started coverage on Sysco Corp. in a report on Friday, September 23rd. They set an “underweight” rating and a $48.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $52.09.
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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