BNP Paribas Arbitrage SA Boosts Position in Sysco Corp. (SYY)
BNP Paribas Arbitrage SA increased its stake in shares of Sysco Corp. (NYSE:SYY) by 111.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 248,107 shares of the company’s stock after buying an additional 130,645 shares during the period. BNP Paribas Arbitrage SA’s holdings in Sysco Corp. were worth $12,160,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Cribstone Capital Management LLC bought a new stake in Sysco Corp. during the second quarter valued at about $102,000. Jolley Asset Management LLC raised its stake in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock valued at $109,000 after buying an additional 435 shares in the last quarter. Tuttle Tactical Management LLC acquired a new stake in Sysco Corp. during the second quarter valued at approximately $126,000. Global X Management Co. LLC raised its stake in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock valued at $129,000 after buying an additional 1,619 shares in the last quarter. Finally, Bruderman Asset Management LLC raised its stake in Sysco Corp. by 2.5% in the second quarter. Bruderman Asset Management LLC now owns 2,788 shares of the company’s stock valued at $141,000 after buying an additional 68 shares in the last quarter. 76.77% of the stock is owned by institutional investors.
Sysco Corp. (NYSE:SYY) traded down 0.41% during mid-day trading on Friday, reaching $53.14. 4,043,887 shares of the company’s stock traded hands. Sysco Corp. has a 52 week low of $38.84 and a 52 week high of $54.66. The stock’s 50 day moving average is $48.97 and its 200-day moving average is $50.05. The stock has a market capitalization of $29.06 billion, a PE ratio of 29.39 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 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 business earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. During the same quarter last year, the firm posted $0.52 earnings per share. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities analysts anticipate that Sysco Corp. will post $2.43 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 6th will be paid a $0.33 dividend. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, January 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.48%. Sysco Corp.’s dividend payout ratio (DPR) is presently 68.13%.
Several research firms have recently commented on SYY. Bank of America Corp. set a $54.00 price target on shares of Sysco Corp. and gave the company a “hold” rating in a report on Saturday, September 17th. Pivotal Research boosted their price target on shares of Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a report on Tuesday, November 8th. Argus boosted their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 19th. Barclays PLC began coverage on shares of Sysco Corp. in a report on Friday, September 23rd. They issued an “underweight” rating and a $48.00 price target for the company. Finally, Jefferies Group restated a “hold” rating and issued a $50.00 price target on shares of Sysco Corp. in a report on Friday, September 30th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $52.63.
In related news, SVP Greg D. Bertrand sold 16,500 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $50.79, for a total value of $838,035.00. Following the sale, the senior vice president now owns 57,491 shares of the company’s stock, valued at $2,919,967.89. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $49.51, for a total transaction of $995,844.14. Following the completion of the sale, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $20,918,321.57. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by 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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