Intersect Capital LLC Increases Position in Sysco Corporation (SYY)
Intersect Capital LLC raised its stake in shares of Sysco Corporation (NYSE:SYY) by 60.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,609 shares of the company’s stock after buying an additional 5,529 shares during the quarter. Intersect Capital LLC’s holdings in Sysco Corporation were worth $735,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. Kistler Tiffany Companies LLC grew its position in shares of Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock worth $147,000 after buying an additional 12 shares during the period. Buckingham Asset Management LLC grew its position in shares of Sysco Corporation by 0.3% during the 1st quarter. Buckingham Asset Management LLC now owns 5,904 shares of the company’s stock worth $307,000 after buying an additional 16 shares during the period. Schnieders Capital Management LLC grew its position in shares of Sysco Corporation by 0.4% during the 2nd quarter. Schnieders Capital Management LLC now owns 4,070 shares of the company’s stock worth $205,000 after buying an additional 18 shares during the period. Blue Chip Partners Inc. grew its position in shares of Sysco Corporation by 0.6% during the 2nd quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock worth $149,000 after buying an additional 18 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in shares of Sysco Corporation by 1.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,198 shares of the company’s stock worth $218,000 after buying an additional 50 shares during the period. Institutional investors own 79.97% of the company’s stock.
Sysco Corporation (SYY) opened at 53.66 on Friday. The company has a market cap of $28.33 billion, a PE ratio of 25.80 and a beta of 0.52. The stock’s 50 day moving average price is $52.22 and its 200 day moving average price is $52.56. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07.
Sysco Corporation (NYSE:SYY) last issued its quarterly 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. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The company had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Sysco Corporation will post $2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a yield of 2.46%. Sysco Corporation’s dividend payout ratio is currently 63.16%.
Several research firms have recently issued reports on SYY. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research report on Monday, August 14th. Zacks Investment Research lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BMO Capital Markets set a $60.00 target price on Sysco Corporation and gave the stock a “buy” rating in a research report on Thursday, August 3rd. BidaskClub lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, Bank of America Corporation restated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a research report on Monday, June 26th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Sysco Corporation has a consensus rating of “Hold” and a consensus price target of $56.17.
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In related news, EVP Wayne Shurts sold 7,800 shares of the firm’s stock in a transaction that occurred 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 owns 58,776 shares of the company’s stock, valued at $2,986,996.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $53.16, for a total value of $1,594,800.00. Following the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $21,621,501. The disclosure for this sale can be found here. Insiders have sold 524,714 shares of company stock valued at $27,628,142 in the last ninety days. 8.81% of the stock is currently owned by insiders.
Sysco Corporation 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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