Lazard Asset Management LLC Sells 537,262 Shares of Sysco Corporation (SYY)
Lazard Asset Management LLC lowered its holdings in shares of Sysco Corporation (NYSE:SYY) by 37.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 886,713 shares of the company’s stock after selling 537,262 shares during the period. Lazard Asset Management LLC owned 0.17% of Sysco Corporation worth $44,627,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Kistler Tiffany Companies LLC boosted its stake in Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock worth $147,000 after purchasing an additional 12 shares during the period. Buckingham Asset Management LLC boosted its stake in Sysco Corporation by 0.3% during the 1st quarter. Buckingham Asset Management LLC now owns 5,904 shares of the company’s stock worth $307,000 after purchasing an additional 16 shares during the period. Schnieders Capital Management LLC lifted its stake in shares of Sysco Corporation by 0.4% in the 2nd quarter. Schnieders Capital Management LLC now owns 4,070 shares of the company’s stock worth $205,000 after acquiring an additional 18 shares during the period. Blue Chip Partners Inc. lifted its stake in shares of Sysco Corporation by 0.6% in the 2nd quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock worth $149,000 after acquiring an additional 18 shares during the period. Finally, Northwest Quadrant Wealth Management LLC lifted its stake in shares of Sysco Corporation by 0.6% in the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 5,169 shares of the company’s stock worth $269,000 after acquiring an additional 29 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.
In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $50.87, for a total transaction of $793,572.00. Following the completion of the sale, the insider now directly owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul T. Moskowitz sold 16,667 shares of the company’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $54.12, for a total transaction of $902,018.04. Following the sale, the insider now directly owns 61,936 shares of the company’s stock, valued at $3,351,976.32. 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 over the last three months. 8.81% of the stock is owned by corporate insiders.
Several research firms have recently commented on SYY. BidaskClub cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. BMO Capital Markets restated an “outperform” rating on shares of Sysco Corporation in a research note on Tuesday, September 12th. J P Morgan Chase & Co restated an “overweight” rating and issued a $57.00 target price on shares of Sysco Corporation in a research note on Friday, June 23rd. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $51.00 target price on shares of Sysco Corporation in a research note on Friday, August 4th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Sysco Corporation has a consensus rating of “Hold” and a consensus target price of $56.17.
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Sysco Corporation (NYSE:SYY) opened at 54.29 on Friday. The firm’s 50-day moving average is $53.06 and its 200 day moving average is $52.72. The stock has a market capitalization of $28.66 billion, a P/E ratio of 26.10 and a beta of 0.52. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $14.40 billion during the quarter, compared to the consensus estimate of $14.35 billion. During the same period in the prior year, the company earned $0.64 EPS. Sysco Corporation’s revenue was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Sysco Corporation will post $2.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is 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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