Sysco Corp. (SYY) Insider Sells $3,823,823.34 in Stock
Sysco Corp. (NYSE:SYY) insider William B. Day sold 72,134 shares of the company’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $53.01, for a total transaction of $3,823,823.34. Following the completion of the transaction, the insider now owns 108,293 shares in the company, valued at $5,740,611.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Sysco Corp. (NYSE:SYY) traded up 1.11% during midday trading on Monday, hitting $53.73. 2,808,817 shares of the stock were exchanged. Sysco Corp. has a one year low of $38.84 and a one year high of $54.66. The company has a market cap of $29.39 billion, a price-to-earnings ratio of 29.72 and a beta of 0.49. The firm has a 50 day moving average of $49.44 and a 200-day moving average of $50.26.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.09. The firm earned $14 billion during the quarter, compared to the consensus estimate of $13.88 billion. Sysco Corp. had a return on equity of 35.49% and a net margin of 1.99%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 earnings per share. Equities analysts expect that Sysco Corp. will post $2.43 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.46%. This is an increase from Sysco Corp.’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, January 4th. Sysco Corp.’s dividend payout ratio is 68.13%.
A number of research firms have recently commented on SYY. BMO Capital Markets set a $56.00 price target on shares of Sysco Corp. and gave the stock a “hold” rating in a 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 report on Wednesday, November 9th. They noted that the move was a valuation call. Credit Suisse Group AG cut shares of Sysco Corp. from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $59.00 to $55.00 in a report on Wednesday, November 16th. Bank of America Corp. upgraded shares of Sysco Corp. from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Tuesday, November 8th. Finally, Pivotal Research increased their target price on shares of Sysco Corp. from $45.00 to $53.00 and gave the stock a “hold” rating in a report on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. Sysco Corp. has an average rating of “Hold” and a consensus target price of $52.63.
Institutional investors have recently made changes to their positions in the stock. Cribstone Capital Management LLC acquired a new position in shares of Sysco Corp. during the second quarter worth about $102,000. Jolley Asset Management LLC increased its position in shares of Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Sysco Corp. by 0.6% in the third quarter. Parkside Financial Bank & Trust now owns 2,324 shares of the company’s stock worth $114,000 after buying an additional 13 shares during the period. Tuttle Tactical Management LLC acquired a new position in shares of Sysco Corp. during the second quarter worth about $126,000. Finally, Global X Management Co. LLC increased its position in shares of Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock worth $129,000 after buying an additional 1,619 shares during the period. 76.18% 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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