ClariVest Asset Management LLC Acquires New Stake in Sysco Corporation (NYSE:SYY)
ClariVest Asset Management LLC purchased a new position in shares of Sysco Corporation (NYSE:SYY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,039 shares of the company’s stock, valued at approximately $417,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Sysco Corporation during the fourth quarter valued at about $275,553,000. Bank of Montreal Can raised its position in Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock worth $324,360,000 after buying an additional 1,996,198 shares during the period. Victory Capital Management Inc. raised its position in Sysco Corporation by 86.7% in the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after buying an additional 1,126,573 shares during the period. Hermes Investment Management Ltd. bought a new position in Sysco Corporation during the first quarter worth $41,568,000. Finally, American Century Companies Inc. raised its position in Sysco Corporation by 21.1% in the first quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock worth $177,823,000 after buying an additional 596,224 shares during the period. 78.38% of the stock is owned by hedge funds and other institutional investors.
Shares of Sysco Corporation (NYSE SYY) traded down 0.76% on Tuesday, hitting $52.08. The company’s stock had a trading volume of 3,290,436 shares. The firm has a market cap of $27.87 billion, a price-to-earnings ratio of 27.45 and a beta of 0.52. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The stock has a 50-day moving average price of $51.23 and a 200 day moving average price of $52.70.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings data on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. The business had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.14 billion. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The company’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 earnings per share. Equities research analysts predict that Sysco Corporation will post $2.47 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.53%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is 69.47%.
SYY has been the topic of several recent analyst reports. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $60.00 target price on shares of Sysco Corporation in a report on Tuesday, June 27th. Bank of America Corporation reaffirmed a “buy” rating and issued a $61.00 target price on shares of Sysco Corporation in a report on Monday, June 26th. Zacks Investment Research cut Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $57.00 price target on shares of Sysco Corporation in a report on Friday, June 23rd. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $56.02.
In related news, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $54.22, for a total transaction of $1,626,600.00. Following the completion of the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $22,052,629.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Wayne Shurts sold 7,800 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $50.82, for a total transaction of $396,396.00. Following the completion of the sale, the executive vice president now directly owns 58,776 shares of the company’s stock, valued at approximately $2,986,996.32. The disclosure for this sale can be found here. Insiders have sold 152,400 shares of company stock valued at $8,121,300 in the last ninety days. 8.81% of the stock is currently owned by company insiders.
About Sysco Corporation
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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