Anchor Capital Advisors LLC Reduces Stake in Sysco Corporation (SYY)
Anchor Capital Advisors LLC cut its position in Sysco Corporation (NYSE:SYY) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 791,521 shares of the company’s stock after selling 3,798 shares during the quarter. Sysco Corporation accounts for 1.5% of Anchor Capital Advisors LLC’s holdings, making the stock its 13th largest holding. Anchor Capital Advisors LLC owned approximately 0.15% of Sysco Corporation worth $42,703,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of SYY. CIBC Asset Management Inc grew its stake in Sysco Corporation by 1.2% during the 3rd quarter. CIBC Asset Management Inc now owns 101,797 shares of the company’s stock worth $5,492,000 after purchasing an additional 1,175 shares in the last quarter. Dividend Assets Capital LLC grew its stake in Sysco Corporation by 65.2% during the 3rd quarter. Dividend Assets Capital LLC now owns 11,575 shares of the company’s stock worth $624,000 after purchasing an additional 4,570 shares in the last quarter. Tower Bridge Advisors acquired a new position in Sysco Corporation during the 3rd quarter worth $244,000. Cabot Wealth Management Inc. acquired a new position in Sysco Corporation during the 3rd quarter worth $2,205,000. Finally, Sei Investments Co. grew its stake in Sysco Corporation by 17.1% during the 3rd quarter. Sei Investments Co. now owns 279,131 shares of the company’s stock worth $15,059,000 after purchasing an additional 40,736 shares in the last quarter. 80.30% of the stock is owned by institutional investors and hedge funds.
SYY has been the subject of several analyst reports. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Monday, July 17th. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Friday, July 21st. BMO Capital Markets set a $60.00 target price on Sysco Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and set a $51.00 target price on shares of Sysco Corporation in a research note on Friday, August 4th. Finally, Royal Bank Of Canada set a $50.00 target price on Sysco Corporation and gave the stock a “hold” rating in a research note on Friday, August 11th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Sysco Corporation presently has a consensus rating of “Hold” and an average price target of $56.42.
In other news, EVP Wayne Shurts sold 7,800 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $54.86, for a total value of $427,908.00. Following the completion of the sale, the executive vice president now directly owns 58,776 shares of the company’s stock, valued at approximately $3,224,451.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul T. Moskowitz sold 16,667 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $54.12, for a total value of $902,018.04. Following the completion of 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 have sold a total of 2,125,781 shares of company stock valued at $114,211,628 over the last ninety days. 9.60% of the stock is owned by company insiders.
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Shares of Sysco Corporation (NYSE:SYY) traded up $0.17 during midday trading on Monday, reaching $54.19. The company’s stock had a trading volume of 1,717,800 shares, compared to its average volume of 2,934,361. The stock has a market cap of $28,200.00, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 2.51 and a beta of 0.53. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.40 and a quick ratio of 0.88. Sysco Corporation has a 12 month low of $48.85 and a 12 month high of $57.23.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.02. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.43 billion. Sysco Corporation had a return on equity of 58.47% and a net margin of 2.12%. Sysco Corporation’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 EPS. equities analysts anticipate that Sysco Corporation will post 2.77 earnings per share for the current year.
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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