Tocqueville Asset Management L.P. Cuts Position in Sysco Corporation (SYY)
Tocqueville Asset Management L.P. cut its stake in Sysco Corporation (NYSE:SYY) by 1.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 201,992 shares of the company’s stock after selling 2,874 shares during the period. Tocqueville Asset Management L.P.’s holdings in Sysco Corporation were worth $10,166,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. North Star Investment Management Corp. grew its position in Sysco Corporation by 81.2% in the first quarter. North Star Investment Management Corp. now owns 1,944 shares of the company’s stock worth $101,000 after acquiring an additional 871 shares in the last quarter. TrimTabs Asset Management LLC lifted its stake in Sysco Corporation by 88.7% in the first quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock worth $112,000 after purchasing an additional 1,016 shares during the last quarter. Arcadia Investment Management Corp MI lifted its stake in Sysco Corporation by 10.7% in the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock worth $118,000 after purchasing an additional 225 shares during the last quarter. Kistler Tiffany Companies LLC lifted its stake in Sysco Corporation by 0.4% in the second quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock worth $147,000 after purchasing an additional 12 shares during the last quarter. Finally, Blue Chip Partners Inc. lifted its stake in Sysco Corporation by 0.6% in the first quarter. Blue Chip Partners Inc. now owns 2,949 shares of the company’s stock worth $153,000 after purchasing an additional 19 shares during the last quarter. Institutional investors own 79.97% of the company’s stock.
Several analysts have weighed in on the stock. BidaskClub downgraded shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price target on shares of Sysco Corporation in a research note on Friday, August 4th. BMO Capital Markets set a $60.00 price target on shares of Sysco Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Finally, Pivotal Research set a $53.00 price target on shares of Sysco Corporation and gave the stock a “hold” rating in a research note on Sunday, August 13th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $56.17.
In related news, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $51.31, for a total transaction of $1,539,300.00. Following the completion of the sale, the chief executive officer now owns 406,725 shares in the company, valued at approximately $20,869,059.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Wayne Shurts sold 7,800 shares of Sysco Corporation stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total transaction of $396,396.00. Following the sale, the executive vice president now 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 a total of 106,800 shares of company stock valued at $5,436,180 in the last quarter. 8.81% of the stock is currently owned by company insiders.
COPYRIGHT VIOLATION WARNING: “Tocqueville Asset Management L.P. Cuts Position in Sysco Corporation (SYY)” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this report on another domain, it was stolen and republished in violation of U.S. and international copyright & trademark law. The original version of this report can be accessed at https://www.thecerbatgem.com/2017/09/14/tocqueville-asset-management-l-p-cuts-position-in-sysco-corporation-syy.html.
Sysco Corporation (SYY) opened at 53.49 on Thursday. The company has a market capitalization of $28.24 billion, a P/E ratio of 25.72 and a beta of 0.52. The company has a 50-day moving average of $52.13 and a 200-day moving average of $52.54. Sysco Corporation has a 1-year low of $47.15 and a 1-year high of $57.07.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings data on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The company had revenue of $14.40 billion during the quarter, compared to analyst estimates of $14.35 billion. During the same quarter last year, the business posted $0.64 EPS. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities analysts expect that Sysco Corporation will post $2.76 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.47%. Sysco Corporation’s payout ratio is 63.16%.
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.
Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sysco Corporation (NYSE:SYY).
Receive News & Stock Ratings for Sysco Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco Corporation and related stocks with our FREE daily email newsletter.