Bahl & Gaynor Inc. Increases Position in Sysco Corporation (SYY)
Bahl & Gaynor Inc. lifted its holdings in Sysco Corporation (NYSE:SYY) by 17.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,988 shares of the company’s stock after purchasing an additional 11,928 shares during the period. Bahl & Gaynor Inc.’s holdings in Sysco Corporation were worth $4,539,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in SYY. KCM Investment Advisors LLC boosted its holdings in Sysco Corporation by 5.8% in the second quarter. KCM Investment Advisors LLC now owns 15,716 shares of the company’s stock valued at $791,000 after purchasing an additional 855 shares during the period. Comerica Securities Inc. grew its stake in Sysco Corporation by 67.8% during the 2nd quarter. Comerica Securities Inc. now owns 58,436 shares of the company’s stock worth $2,941,000 after purchasing an additional 23,608 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in Sysco Corporation by 1.2% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 12,237 shares of the company’s stock worth $617,000 after purchasing an additional 150 shares in the last quarter. Captrust Financial Advisors acquired a new position in Sysco Corporation during the 2nd quarter worth $162,000. Finally, Norinchukin Bank The increased its holdings in Sysco Corporation by 4.4% during the 2nd quarter. Norinchukin Bank The now owns 68,700 shares of the company’s stock worth $3,458,000 after purchasing an additional 2,920 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.
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In other Sysco Corporation news, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the completion of the sale, the chief executive officer now owns 406,725 shares in the company, valued at approximately $20,303,712. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul T. Moskowitz sold 16,667 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $54.12, for a total value of $902,018.04. Following the sale, the insider now owns 61,936 shares of the company’s stock, valued at approximately $3,351,976.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,141,381 shares of company stock worth $114,829,988. Insiders own 8.81% of the company’s stock.
Shares of Sysco Corporation (SYY) opened at 53.98 on Tuesday. The company’s 50-day moving average price is $52.82 and its 200 day moving average price is $52.69. The stock has a market cap of $28.50 billion, a PE ratio of 25.95 and a beta of 0.52. 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 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 company had revenue of $14.40 billion during the quarter, compared to the consensus estimate of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The company’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. Equities analysts forecast that Sysco Corporation will post $2.76 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is 63.16%.
A number of equities research analysts have issued reports on the company. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Tuesday, July 4th. BMO Capital Markets reiterated a “buy” rating and issued a $60.00 price objective on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reissued a “buy” rating and set a $61.00 price objective on shares of Sysco Corporation in a research report on Monday, June 26th. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. Finally, Royal Bank Of Canada set a $50.00 price objective on Sysco Corporation and gave the stock a “hold” rating in a research report on Friday, August 11th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $56.17.
About Sysco Corporation
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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