Victory Capital Management Inc. Sells 515,981 Shares of Sysco Corp. (SYY)
Victory Capital Management Inc. lowered its stake in Sysco Corp. (NYSE:SYY) by 32.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,081,827 shares of the company’s stock after selling 515,981 shares during the period. Victory Capital Management Inc. owned about 0.19% of Sysco Corp. worth $53,021,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Tdam USA Inc. increased its position in shares of Sysco Corp. by 24.4% in the third quarter. Tdam USA Inc. now owns 19,529 shares of the company’s stock valued at $957,000 after buying an additional 3,833 shares during the last quarter. TD Asset Management Inc. increased its position in shares of Sysco Corp. by 5.0% in the third quarter. TD Asset Management Inc. now owns 1,956,167 shares of the company’s stock valued at $95,872,000 after buying an additional 93,956 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Sysco Corp. by 1.8% in the third quarter. Neuberger Berman Group LLC now owns 125,544 shares of the company’s stock valued at $6,153,000 after buying an additional 2,169 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its position in shares of Sysco Corp. by 66.5% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 379,800 shares of the company’s stock valued at $18,614,000 after buying an additional 151,700 shares during the last quarter. Finally, Hanseatic Management Services Inc. bought a new position in shares of Sysco Corp. during the third quarter valued at approximately $1,408,000. 77.33% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sysco Corp. (NYSE:SYY) opened at 53.915 on Tuesday. Sysco Corp. has a one year low of $38.84 and a one year high of $54.66. The company has a market capitalization of $29.49 billion, a price-to-earnings ratio of 29.820 and a beta of 0.49. The firm’s 50-day moving average price is $50.35 and its 200-day moving average price is $50.46.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings data 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. Sysco Corp. had a return on equity of 35.49% and a net margin of 1.99%. The firm had revenue of $14 billion for the quarter, compared to analysts’ expectations of $13.88 billion. During the same period last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts anticipate that Sysco Corp. will post $2.43 earnings per share for the current year.
The business 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 dividend of $0.33 per share. This is a boost from Sysco Corp.’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Wednesday, January 4th. Sysco Corp.’s dividend payout ratio (DPR) is 68.13%.
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Several brokerages have commented on SYY. Credit Suisse Group AG downgraded 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 report on Wednesday, November 16th. BMO Capital Markets set a $56.00 target price on Sysco Corp. and gave the stock a “hold” rating in a report on Wednesday, November 9th. Barclays PLC raised Sysco Corp. from an “underweight” rating to an “equal weight” rating and lifted 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. Bank of America Corp. raised 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 boosted their price objective on Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a research note on Tuesday, November 8th. Two research 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. The stock has a consensus rating of “Hold” and an average price target of $52.63.
In other news, insider William B. Day sold 26,507 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $49.00, for a total transaction of $1,298,843.00. Following the completion of the sale, the insider now directly owns 132,790 shares in the company, valued at $6,506,710. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 20,114 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $49.51, for a total transaction of $995,844.14. Following the sale, the chief executive officer now owns 422,507 shares of the company’s stock, valued at $20,918,321.57. The disclosure for this sale can be found here. Insiders own 8.81% of the company’s stock.
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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