Point72 Asset Management L.P. Buys 244,570 Shares of Sysco Co. (NYSE:SYY)

Point72 Asset Management L.P. boosted its stake in shares of Sysco Co. (NYSE:SYY) by 58.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 659,764 shares of the company’s stock after purchasing an additional 244,570 shares during the quarter. Point72 Asset Management L.P. owned about 0.13% of Sysco worth $51,950,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SYY. Brasada Capital Management LP lifted its holdings in shares of Sysco by 14.3% during the first quarter. Brasada Capital Management LP now owns 40,795 shares of the company’s stock worth $3,212,000 after buying an additional 5,092 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in shares of Sysco by 12.0% during the first quarter. IFM Investors Pty Ltd now owns 52,538 shares of the company’s stock worth $4,137,000 after buying an additional 5,613 shares during the last quarter. Waddell & Reed Financial Inc. raised its stake in shares of Sysco by 40.3% in the first quarter. Waddell & Reed Financial Inc. now owns 1,853,109 shares of the company’s stock valued at $145,914,000 after purchasing an additional 532,233 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Sysco by 9.4% in the first quarter. Public Employees Retirement System of Ohio now owns 313,455 shares of the company’s stock valued at $24,681,000 after purchasing an additional 26,837 shares in the last quarter. Finally, National Pension Service raised its stake in shares of Sysco by 1.0% in the first quarter. National Pension Service now owns 685,152 shares of the company’s stock valued at $53,949,000 after purchasing an additional 6,600 shares in the last quarter. 79.10% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently commented on SYY shares. Wells Fargo & Company upped their target price on Sysco from $89.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, April 27th. Barclays upped their target price on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 21st. Morgan Stanley upped their target price on Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, May 24th. Finally, JPMorgan Chase & Co. upped their price target on Sysco from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, April 12th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Sysco currently has a consensus rating of “Hold” and an average price target of $85.38.

In related news, Director Joshua D. Frank sold 650,000 shares of the firm’s stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $79.56, for a total value of $51,714,000.00. Following the transaction, the director now owns 4,840 shares in the company, valued at $385,070.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua D. Frank sold 160,000 shares of the firm’s stock in a transaction dated Tuesday, May 25th. The shares were sold at an average price of $81.73, for a total value of $13,076,800.00. Following the completion of the transaction, the director now owns 4,840 shares in the company, valued at approximately $395,573.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,167,884 shares of company stock worth $93,808,035. 5.17% of the stock is owned by company insiders.

Shares of SYY stock opened at $73.27 on Thursday. The business’s fifty day simple moving average is $77.94. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 8.41. The company has a market capitalization of $37.48 billion, a PE ratio of -146.54, a PEG ratio of 2.38 and a beta of 1.44. Sysco Co. has a 52 week low of $50.90 and a 52 week high of $86.73.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, May 4th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $11.82 billion for the quarter, compared to analysts’ expectations of $12.02 billion. Sysco had a positive return on equity of 17.14% and a negative net margin of 0.56%. The business’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities research analysts forecast that Sysco Co. will post 1.31 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 23rd. Investors of record on Friday, July 2nd will be issued a $0.47 dividend. This is a boost from Sysco’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, July 1st. This represents a $1.88 annualized dividend and a yield of 2.57%. Sysco’s dividend payout ratio (DPR) is currently 93.53%.

About Sysco

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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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