King Luther Capital Management Corp Decreases Stake in Sysco Corporation (SYY)
King Luther Capital Management Corp reduced its holdings in Sysco Corporation (NYSE:SYY) by 21.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,207 shares of the company’s stock after selling 11,312 shares during the period. King Luther Capital Management Corp’s holdings in Sysco Corporation were worth $2,124,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of SYY. Comerica Bank raised its holdings in Sysco Corporation by 76.9% in the 1st quarter. Comerica Bank now owns 458,780 shares of the company’s stock valued at $24,512,000 after acquiring an additional 199,468 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Sysco Corporation by 4.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 100,386 shares of the company’s stock worth $5,212,000 after purchasing an additional 3,829 shares in the last quarter. NewFocus Financial Group LLC lifted its stake in Sysco Corporation by 0.7% in the 1st quarter. NewFocus Financial Group LLC now owns 39,668 shares of the company’s stock worth $2,060,000 after purchasing an additional 258 shares in the last quarter. LS Investment Advisors LLC boosted its holdings in shares of Sysco Corporation by 3.7% during the 1st quarter. LS Investment Advisors LLC now owns 83,693 shares of the company’s stock worth $4,345,000 after purchasing an additional 2,991 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sysco Corporation by 13.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 291,445 shares of the company’s stock worth $15,132,000 after purchasing an additional 35,128 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
In other Sysco Corporation news, CEO William J. Delaney III sold 118,200 shares of the business’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $54.06, for a total value of $6,389,892.00. Following the completion of the transaction, the chief executive officer now directly owns 494,925 shares in the company, valued at approximately $26,755,645.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total value of $1,497,600.00. Following the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,303,712. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,124,714 shares of company stock worth $113,927,970. 8.81% of the stock is owned by company insiders.
Several research firms recently commented on SYY. BidaskClub cut Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Wells Fargo & Company reiterated a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. Jefferies Group LLC reissued a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research note on Friday, August 4th. BMO Capital Markets set a $60.00 price objective on Sysco Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Finally, Pivotal Research set a $53.00 target price on Sysco Corporation and gave the company a “hold” rating in a report on Sunday, August 13th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Sysco Corporation presently has an average rating of “Hold” and an average price target of $56.17.
Sysco Corporation (SYY) opened at 53.95 on Monday. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The firm has a market cap of $28.48 billion, a price-to-earnings ratio of 25.94 and a beta of 0.52. The stock has a 50 day moving average price of $52.31 and a 200 day moving average price of $52.57.
Sysco Corporation (NYSE:SYY) last posted 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. The business had revenue of $14.40 billion during the quarter, compared to analyst estimates 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 was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. Equities research analysts expect 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. Investors of record on Friday, October 6th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.45%. Sysco Corporation’s dividend payout ratio (DPR) is currently 63.16%.
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.
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.