Comerica Securities Inc. Grows Stake in Sysco Corporation (SYY)
Comerica Securities Inc. lifted its position in Sysco Corporation (NYSE:SYY) by 67.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,436 shares of the company’s stock after acquiring an additional 23,608 shares during the period. Comerica Securities Inc.’s holdings in Sysco Corporation were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Citizens Financial Group Inc. RI increased its position in shares of Sysco Corporation by 1,233.5% during the first quarter. Citizens Financial Group Inc. RI now owns 157,557 shares of the company’s stock worth $8,181,000 after purchasing an additional 145,742 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Sysco Corporation by 27.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,866 shares of the company’s stock worth $1,914,000 after buying an additional 8,021 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Sysco Corporation by 29.3% during the second quarter. Sei Investments Co. now owns 238,395 shares of the company’s stock worth $11,998,000 after buying an additional 54,078 shares in the last quarter. BARING ASSET MANAGEMENT Ltd raised its position in shares of Sysco Corporation by 15.5% in the second quarter. BARING ASSET MANAGEMENT Ltd now owns 28,118 shares of the company’s stock valued at $1,415,000 after buying an additional 3,773 shares during the last quarter. Finally, Twin Tree Management LP raised its position in shares of Sysco Corporation by 41.5% in the first quarter. Twin Tree Management LP now owns 18,712 shares of the company’s stock valued at $972,000 after buying an additional 5,492 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
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Sysco Corporation (SYY) opened at 53.98 on Tuesday. The firm has a market cap of $28.50 billion, a price-to-earnings ratio of 25.95 and a beta of 0.52. The company’s 50-day moving average price is $52.82 and its 200 day moving average price is $52.69. 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 EPS for the quarter, beating the consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business had revenue of $14.40 billion during the quarter, compared to the consensus estimate of $14.35 billion. During the same period in the previous year, the business earned $0.64 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts expect that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.
The firm also recently disclosed 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 yield of 2.45%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
In other news, Director Trian Fund Management, L.P. purchased 889,561 shares of Sysco Corporation stock in a transaction dated Tuesday, September 19th. The shares were bought at an average cost of $53.68 per share, for a total transaction of $47,751,634.48. Following the completion of the acquisition, the director now owns 5,529 shares in the company, valued at approximately $296,796.72. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $20,303,712. The disclosure for this sale can be found here. Insiders sold 2,141,381 shares of company stock worth $114,829,988 over the last ninety days. 8.81% of the stock is currently owned by insiders.
A number of research firms recently weighed in on SYY. Zacks Investment Research upgraded shares of 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 reissued a “buy” rating and issued a $60.00 target price on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reissued a “buy” rating and issued a $61.00 target price on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a report on Friday, June 23rd. Finally, Royal Bank Of Canada set a $50.00 target price on Sysco Corporation and gave the stock a “hold” rating in a report on Friday, August 11th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average 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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