Sysco Corporation (SYY) Shares Bought by Investment Centers of America Inc.
Investment Centers of America Inc. raised its stake in Sysco Corporation (NYSE:SYY) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,793 shares of the company’s stock after buying an additional 540 shares during the period. Investment Centers of America Inc.’s holdings in Sysco Corporation were worth $796,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. LS Investment Advisors LLC raised its holdings in Sysco Corporation by 3.7% during the first 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. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Sysco Corporation by 13.7% during the first 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 in the last quarter. Carnick & Kubik Group LLC acquired a new stake in Sysco Corporation in the first quarter valued at $1,837,000. Assenagon Asset Management S.A. grew its holdings in Sysco Corporation by 82.0% in the first quarter. Assenagon Asset Management S.A. now owns 73,203 shares of the company’s stock valued at $3,801,000 after purchasing an additional 32,979 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Sysco Corporation by 22.8% in the first quarter. Swiss National Bank now owns 2,037,140 shares of the company’s stock valued at $105,768,000 after purchasing an additional 378,300 shares during the last quarter. 79.91% of the stock is owned by institutional investors.
SYY has been the subject of a number of research analyst reports. BidaskClub cut Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $57.00 price objective on shares of Sysco Corporation in a research report on Friday, June 23rd. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Bank of America Corporation restated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a report on Monday, June 26th. Finally, BMO Capital Markets restated a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a report on Tuesday, June 27th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $56.17.
In other news, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $50.87, for a total value of $793,572.00. Following the completion of the sale, the insider now owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William J. Delaney III sold 200,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $54.24, for a total value of $10,848,000.00. Following the completion of the sale, the chief executive officer now directly owns 576,725 shares of the company’s stock, valued at approximately $31,281,564. The disclosure for this sale can be found here. Insiders sold a total of 2,141,381 shares of company stock valued at $114,829,988 in the last ninety days. Company insiders own 8.81% of the company’s stock.
Shares of Sysco Corporation (NYSE SYY) opened at 53.74 on Wednesday. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The firm has a market cap of $28.37 billion, a PE ratio of 25.84 and a beta of 0.52. The stock’s 50 day moving average price is $52.90 and its 200 day moving average price is $52.69.
Sysco Corporation (NYSE:SYY) last released its earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. On average, equities research analysts predict that Sysco Corporation will post $2.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.46%. Sysco Corporation’s dividend payout ratio (DPR) is presently 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.
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