SYSCO Co. (SYY) Stake Lifted by Robeco Institutional Asset Management B.V.
Robeco Institutional Asset Management B.V. grew its holdings in SYSCO Co. (NYSE:SYY) by 2.4% during the third quarter, Holdings Channel reports. The fund owned 1,924,693 shares of the company’s stock after purchasing an additional 44,900 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in SYSCO were worth $140,985,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in SYY. Blue Chip Partners Inc. purchased a new position in shares of SYSCO in the 2nd quarter valued at about $104,000. Quad Cities Investment Group LLC acquired a new stake in shares of SYSCO in the 2nd quarter valued at about $111,000. Flagship Harbor Advisors LLC acquired a new stake in shares of SYSCO in the 2nd quarter valued at about $121,000. Fort L.P. acquired a new stake in shares of SYSCO in the 2nd quarter valued at about $123,000. Finally, Daiwa SB Investments Ltd. acquired a new stake in shares of SYSCO in the 3rd quarter valued at about $132,000. Institutional investors and hedge funds own 80.11% of the company’s stock.
In other SYSCO news, SVP Brian R. Todd sold 9,147 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total transaction of $675,231.54. Following the completion of the sale, the senior vice president now directly owns 11,747 shares of the company’s stock, valued at approximately $867,163.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $74.81, for a total value of $158,249,931.98. Following the sale, the director now directly owns 4,005 shares of the company’s stock, valued at $299,614.05. The disclosure for this sale can be found here. Insiders have sold a total of 3,969,811 shares of company stock valued at $297,370,093 over the last ninety days. 7.88% of the stock is owned by insiders.
SYSCO (NYSE:SYY) last posted its quarterly earnings data on Monday, November 5th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.01). SYSCO had a return on equity of 68.81% and a net margin of 2.52%. The company had revenue of $15.22 billion for the quarter, compared to analyst estimates of $15.39 billion. During the same period in the previous year, the business posted $0.74 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that SYSCO Co. will post 3.4 earnings per share for the current fiscal year.
A number of brokerages recently issued reports on SYY. ValuEngine cut SYSCO from a “buy” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada decreased their target price on SYSCO from $67.00 to $65.00 and set a “sector perform” rating for the company in a research report on Tuesday. Jefferies Financial Group set a $68.00 target price on SYSCO and gave the company a “hold” rating in a research report on Monday, August 13th. Loop Capital decreased their target price on SYSCO to $75.00 and set a “buy” rating for the company in a research report on Tuesday. They noted that the move was a valuation call. Finally, BMO Capital Markets decreased their target price on SYSCO from $81.00 to $79.00 and set a “buy” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. SYSCO currently has a consensus rating of “Hold” and an average target price of $73.15.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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