Secure Asset Management LLC Takes $209,000 Position in SYSCO Co. (NYSE:SYY)
Secure Asset Management LLC purchased a new stake in SYSCO Co. (NYSE:SYY) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,442 shares of the company’s stock, valued at approximately $209,000.
Several other large investors have also modified their holdings of the company. Lighthouse Financial Advisors Inc. acquired a new stake in shares of SYSCO in the fourth quarter valued at about $2,208,000. Stone Ridge Asset Management LLC lifted its stake in shares of SYSCO by 9.3% in the fourth quarter. Stone Ridge Asset Management LLC now owns 63,311 shares of the company’s stock valued at $5,416,000 after buying an additional 5,400 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of SYSCO by 25.7% in the fourth quarter. Teacher Retirement System of Texas now owns 825,522 shares of the company’s stock valued at $70,615,000 after buying an additional 168,710 shares during the period. ICW Investment Advisors LLC bought a new stake in shares of SYSCO in the fourth quarter valued at about $199,000. Finally, Hancock Whitney Corp lifted its stake in shares of SYSCO by 2.0% in the fourth quarter. Hancock Whitney Corp now owns 320,986 shares of the company’s stock valued at $27,457,000 after buying an additional 6,438 shares during the period. 78.62% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on SYY. Credit Suisse Group reduced their target price on shares of SYSCO from $89.00 to $84.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. BMO Capital Markets reduced their target price on shares of SYSCO from $94.00 to $88.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. ValuEngine cut shares of SYSCO from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Piper Jaffray Companies began coverage on shares of SYSCO in a research note on Thursday, December 12th. They issued an “overweight” rating and a $94.00 target price for the company. Finally, Loop Capital increased their target price on shares of SYSCO to $86.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. SYSCO has an average rating of “Hold” and an average target price of $79.20.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, February 3rd. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. The firm had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $15.11 billion. SYSCO had a net margin of 3.00% and a return on equity of 78.49%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. As a group, research analysts anticipate that SYSCO Co. will post 3.8 EPS for the current fiscal year.
In other SYSCO news, SVP Brian R. Todd sold 12,520 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $85.06, for a total transaction of $1,064,951.20. Following the completion of the transaction, the senior vice president now owns 28,145 shares in the company, valued at $2,394,013.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert S. Charlton sold 28,948 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $80.43, for a total transaction of $2,328,287.64. Following the transaction, the executive vice president now owns 46,087 shares of the company’s stock, valued at approximately $3,706,777.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,028 shares of company stock valued at $13,690,242. Corporate insiders own 5.24% of the company’s stock.
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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