1ST Source Bank Has $1.91 Million Position in Sysco Corporation (SYY)
1ST Source Bank cut its stake in shares of Sysco Corporation (NYSE:SYY) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,845 shares of the company’s stock after selling 518 shares during the period. 1ST Source Bank’s holdings in Sysco Corporation were worth $1,905,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after buying an additional 30,735,711 shares during the period. Victory Capital Management Inc. boosted its stake 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 valued at $125,971,000 after buying an additional 1,126,573 shares during the period. Vanguard Group Inc. boosted its stake in Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares during the period. Hermes Investment Management Ltd. purchased a new stake in Sysco Corporation during the first quarter valued at $41,568,000. Finally, Bank of America Corp DE boosted its position in Sysco Corporation by 18.3% in the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after buying an additional 733,433 shares during the last quarter. 78.49% of the stock is owned by institutional investors and hedge funds.
Sysco Corporation (NYSE:SYY) opened at 51.17 on Friday. The firm has a 50-day moving average of $51.14 and a 200 day moving average of $52.55. The stock has a market cap of $27.12 billion, a PE ratio of 24.60 and a beta of 0.52. Sysco Corporation has a 12 month low of $47.15 and a 12 month high of $57.07.
Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion during the quarter, compared to the consensus estimate of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. Analysts anticipate that Sysco Corporation will post $2.76 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.58%. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
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A number of research firms recently weighed in on SYY. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research report on Monday, August 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research report on Friday, August 4th. Pivotal Research set a $53.00 price objective on shares of Sysco Corporation and gave the stock a “hold” rating in a research report on Sunday, August 13th. Zacks Investment Research cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $57.00 price objective (up previously from $53.00) on shares of Sysco Corporation in a research report on Tuesday, May 9th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.71.
In other news, EVP Wayne Shurts sold 7,800 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $55.30, for a total value of $431,340.00. Following the completion of the transaction, the executive vice president now directly owns 58,776 shares in the company, valued at $3,250,312.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the completion of the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $20,303,712. The disclosure for this sale can be found here. Insiders sold 122,400 shares of company stock valued at $6,494,700 over the last 90 days. Insiders own 8.81% of the company’s stock.
Sysco Corporation Company Profile
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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