Joel T. Grade Sells 16,338 Shares of Sysco Corp. (SYY) Stock
Sysco Corp. (NYSE:SYY) CFO Joel T. Grade sold 16,338 shares of the stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $53.49, for a total transaction of $873,919.62. Following the transaction, the chief financial officer now owns 61,563 shares of the company’s stock, valued at approximately $3,293,004.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Sysco Corp. (NYSE:SYY) opened at 53.36 on Friday. The stock has a market capitalization of $29.18 billion, a P/E ratio of 29.51 and a beta of 0.49. The firm’s 50 day moving average is $49.32 and its 200 day moving average is $50.23. Sysco Corp. has a 1-year low of $38.84 and a 1-year high of $54.66.
Sysco Corp. (NYSE:SYY) last released its quarterly earnings results on Monday, November 7th. The company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. Sysco Corp. had a net margin of 1.99% and a return on equity of 35.49%. The firm earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts anticipate that Sysco Corp. will post $2.43 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.47%. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31. Sysco Corp.’s dividend payout ratio is presently 68.13%.
A number of equities analysts have weighed in on the stock. Credit Suisse Group AG lowered shares of Sysco Corp. from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $59.00 to $55.00 in a research report on Wednesday. BMO Capital Markets set a $56.00 target price on shares of Sysco Corp. and gave the stock a “hold” rating in a research report on Wednesday, November 9th. Barclays PLC upgraded shares of Sysco Corp. from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $48.00 to $53.00 in a research report on Wednesday, November 9th. They noted that the move was a valuation call. Bank of America Corp. upgraded shares of Sysco Corp. from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Tuesday, November 8th. Finally, Pivotal Research raised their price objective on shares of Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a research report on Tuesday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.09.
Large investors have recently added to or reduced their stakes in the stock. Pensionfund DSM Netherlands purchased a new stake in Sysco Corp. during the second quarter valued at about $3,988,000. Pensionfund Sabic purchased a new stake in Sysco Corp. during the second quarter valued at about $1,827,000. Integrated Investment Consultants LLC raised its stake in Sysco Corp. by 293.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,950 shares of the company’s stock valued at $150,000 after buying an additional 2,200 shares in the last quarter. Kistler Tiffany Companies LLC raised its stake in Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock valued at $145,000 after buying an additional 13 shares in the last quarter. Finally, Lebenthal Asset Management LLC purchased a new stake in Sysco Corp. during the first quarter valued at about $3,884,000. 76.77% of the stock is owned by hedge funds and other institutional investors.
Sysco Corp. Company Profile
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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