Los Angeles Capital Management & Equity Research Inc. Buys 350 Shares of Sysco Corporation (SYY)
Los Angeles Capital Management & Equity Research Inc. lifted its stake in Sysco Corporation (NYSE:SYY) by 0.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 635,788 shares of the company’s stock after buying an additional 350 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.12% of Sysco Corporation worth $31,999,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the stock. Meiji Yasuda Life Insurance Co acquired a new position in Sysco Corporation during the second quarter valued at approximately $1,621,000. Northern Capital Management LLC increased its holdings in shares of Sysco Corporation by 25.5% during the second quarter. Northern Capital Management LLC now owns 17,600 shares of the company’s stock worth $886,000 after buying an additional 3,575 shares in the last quarter. Synovus Financial Corp increased its holdings in shares of Sysco Corporation by 21.4% during the second quarter. Synovus Financial Corp now owns 5,972 shares of the company’s stock worth $302,000 after buying an additional 1,051 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Sysco Corporation by 1.6% during the second quarter. JPMorgan Chase & Co. now owns 2,536,760 shares of the company’s stock worth $127,675,000 after buying an additional 38,936 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. increased its holdings in shares of Sysco Corporation by 0.6% during the second quarter. Cannell Peter B & Co. Inc. now owns 98,538 shares of the company’s stock worth $4,959,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.
Sysco Corporation (NYSE SYY) opened at 53.37 on Monday. The firm has a 50-day moving average of $52.31 and a 200 day moving average of $52.57. The company has a market capitalization of $28.17 billion, a P/E ratio of 25.66 and a beta of 0.52. Sysco Corporation has a one year low of $47.15 and a one 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 (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. The firm had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 earnings per share. On average, equities analysts forecast that Sysco Corporation will post $2.76 EPS for the current fiscal year.
The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.47%. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
In other news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $51.31, for a total value of $1,539,300.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $20,869,059.75. The sale was disclosed in a filing with the SEC, 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 $2,986,996.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,724,714 shares of company stock valued at $92,456,142. Corporate insiders own 8.81% of the company’s stock.
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A number of analysts recently weighed in on the company. BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $57.00 price target on shares of Sysco Corporation in a research report on Friday, June 23rd. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. Bank of America Corporation reaffirmed a “buy” rating and set a $61.00 price target on shares of Sysco Corporation in a research report on Monday, June 26th. Finally, BMO Capital Markets reissued a “buy” rating and set a $60.00 price objective on shares of Sysco Corporation in a research report on Tuesday, June 27th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Sysco Corporation presently has an average rating of “Hold” and a consensus price target of $56.17.
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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