Belpointe Asset Management LLC Acquires New Holdings in Sysco Corporation (SYY)
Belpointe Asset Management LLC acquired a new position in Sysco Corporation (NYSE:SYY) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,037 shares of the company’s stock, valued at approximately $434,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SYY. Capital Investment Advisors LLC increased its holdings in shares of Sysco by 7.8% during the second quarter. Capital Investment Advisors LLC now owns 74,931 shares of the company’s stock valued at $3,771,000 after acquiring an additional 5,395 shares in the last quarter. New England Research & Management Inc. increased its holdings in shares of Sysco by 66.0% during the second quarter. New England Research & Management Inc. now owns 15,390 shares of the company’s stock valued at $775,000 after acquiring an additional 6,120 shares in the last quarter. First Financial Bank Trust Division increased its holdings in shares of Sysco by 2.5% during the second quarter. First Financial Bank Trust Division now owns 9,027 shares of the company’s stock valued at $454,000 after acquiring an additional 218 shares in the last quarter. Acropolis Investment Management LLC increased its holdings in shares of Sysco by 18.4% during the second quarter. Acropolis Investment Management LLC now owns 13,119 shares of the company’s stock valued at $660,000 after acquiring an additional 2,035 shares in the last quarter. Finally, NEXT Financial Group Inc increased its holdings in shares of Sysco by 5.9% during the second quarter. NEXT Financial Group Inc now owns 5,512 shares of the company’s stock valued at $277,000 after acquiring an additional 306 shares in the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
SYY has been the subject of several analyst reports. BMO Capital Markets restated an “outperform” rating on shares of Sysco in a report on Tuesday, September 12th. Zacks Investment Research upgraded Sysco from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Tuesday, October 10th. Pivotal Research restated a “hold” rating and set a $53.00 price target on shares of Sysco in a report on Sunday, November 5th. Finally, Loop Capital raised their price target on Sysco to $68.00 and gave the company a “buy” rating in a report on Monday, December 11th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $58.55.
Sysco (NYSE:SYY) last released its quarterly earnings data on Monday, November 6th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. Sysco had a return on equity of 58.47% and a net margin of 2.12%. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.43 billion. During the same period last year, the company earned $0.67 EPS. Sysco’s revenue for the quarter was up 4.9% on a year-over-year basis. equities research analysts anticipate that Sysco Corporation will post 2.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 5th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.36%. This is an increase from Sysco’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, January 4th. Sysco’s dividend payout ratio (DPR) is presently 60.00%.
In other news, Director Trian Fund Management, L.P. bought 889,561 shares of the company’s stock in a transaction on Tuesday, September 19th. The shares were acquired at an average cost of $53.68 per share, with a total value of $47,751,634.48. Following the completion of the transaction, the director now owns 5,529 shares of the company’s stock, valued at approximately $296,796.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William J. Delaney III sold 281,800 shares of the firm’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $53.52, for a total value of $15,081,936.00. Following the completion of the transaction, the chief executive officer now directly owns 458,525 shares in the company, valued at $24,540,258. The disclosure for this sale can be found here. Insiders sold a total of 1,827,867 shares of company stock valued at $98,744,178 over the last quarter. 9.60% of the stock is owned by corporate insiders.
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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