JPMorgan Chase & Co. Cuts Stake in Sysco Corporation (SYY)
JPMorgan Chase & Co. cut its position in Sysco Corporation (NYSE:SYY) by 4.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,427,101 shares of the company’s stock after selling 109,659 shares during the period. JPMorgan Chase & Co. owned approximately 0.46% of Sysco worth $131,186,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Virginia Retirement Systems ET AL increased its holdings in shares of Sysco by 4.3% in the third quarter. Virginia Retirement Systems ET AL now owns 567,200 shares of the company’s stock valued at $30,600,000 after purchasing an additional 23,500 shares during the period. Legal & General Group Plc increased its holdings in shares of Sysco by 2.0% in the third quarter. Legal & General Group Plc now owns 3,062,385 shares of the company’s stock valued at $165,222,000 after purchasing an additional 61,506 shares during the period. Nordea Investment Management AB grew its holdings in Sysco by 0.5% during the third quarter. Nordea Investment Management AB now owns 1,937,096 shares of the company’s stock worth $104,506,000 after acquiring an additional 9,007 shares during the period. ETRADE Capital Management LLC grew its holdings in Sysco by 62.4% during the third quarter. ETRADE Capital Management LLC now owns 11,431 shares of the company’s stock worth $617,000 after acquiring an additional 4,394 shares during the period. Finally, TD Asset Management Inc. grew its holdings in Sysco by 1.2% during the third quarter. TD Asset Management Inc. now owns 1,774,676 shares of the company’s stock worth $95,744,000 after acquiring an additional 20,385 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sysco Corporation (NYSE:SYY) traded up $0.04 on Friday, reaching $57.78. The company’s stock had a trading volume of 2,180,000 shares, compared to its average volume of 2,513,998. The company has a debt-to-equity ratio of 3.77, a quick ratio of 0.88 and a current ratio of 1.40. Sysco Corporation has a one year low of $48.85 and a one year high of $58.67. The firm has a market capitalization of $30,106.62, a price-to-earnings ratio of 22.66, a P/E/G ratio of 2.59 and a beta of 0.54.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be issued a $0.36 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 2.49%. The ex-dividend date is Thursday, January 4th. Sysco’s dividend payout ratio (DPR) is presently 60.00%.
In other Sysco news, EVP Wayne Shurts sold 7,800 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $54.86, for a total value of $427,908.00. Following the sale, the executive vice president now directly owns 58,776 shares of the company’s stock, valued at $3,224,451.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Trian Fund Management, L.P. sold 372,314 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $53.09, for a total value of $19,766,150.26. Following the completion of the sale, the director now directly owns 5,529 shares in the company, valued at $293,534.61. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,237,981 shares of company stock worth $120,454,412. 9.60% of the stock is owned by corporate insiders.
Several analysts recently commented on SYY shares. Pivotal Research reaffirmed a “hold” rating and set a $53.00 target price on shares of Sysco in a report on Sunday, November 5th. Royal Bank Of Canada set a $50.00 target price on Sysco and gave the stock a “hold” rating in a report on Friday, August 11th. Zacks Investment Research lowered Sysco from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Sysco in a report on Tuesday, September 12th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco in a report on Monday, August 14th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.42.
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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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