Curbstone Financial Management Corp reduced its holdings in SYSCO Co. (NYSE:SYY) by 6.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,960 shares of the company’s stock after selling 2,050 shares during the quarter. Curbstone Financial Management Corp’s holdings in SYSCO were worth $2,268,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. DNB Asset Management AS boosted its position in shares of SYSCO by 2.9% during the third quarter. DNB Asset Management AS now owns 82,680 shares of the company’s stock valued at $6,056,000 after purchasing an additional 2,322 shares in the last quarter. Manning & Napier Group LLC boosted its position in shares of SYSCO by 12.1% during the third quarter. Manning & Napier Group LLC now owns 130,279 shares of the company’s stock valued at $9,542,000 after purchasing an additional 14,016 shares in the last quarter. Daiwa SB Investments Ltd. bought a new stake in shares of SYSCO during the third quarter valued at approximately $132,000. Personal Capital Advisors Corp boosted its position in shares of SYSCO by 4.5% during the third quarter. Personal Capital Advisors Corp now owns 247,488 shares of the company’s stock valued at $18,128,000 after purchasing an additional 10,747 shares in the last quarter. Finally, Ipswich Investment Management Co. Inc. boosted its position in shares of SYSCO by 29.6% during the third quarter. Ipswich Investment Management Co. Inc. now owns 13,152 shares of the company’s stock valued at $963,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 80.22% of the company’s stock.
Several equities research analysts have commented on SYY shares. ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. BMO Capital Markets boosted their target price on SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a report on Tuesday, August 14th. Citigroup boosted their target price on SYSCO from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, June 19th. Morgan Stanley boosted their target price on SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 17th. Finally, Pivotal Research boosted their target price on SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a report on Saturday, August 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $72.42.
Shares of SYY stock traded down $0.51 during mid-day trading on Wednesday, hitting $71.29. The company’s stock had a trading volume of 84,134 shares, compared to its average volume of 2,696,396. SYSCO Co. has a 52-week low of $52.30 and a 52-week high of $75.98. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74. The stock has a market capitalization of $38.07 billion, a P/E ratio of 22.85, a P/E/G ratio of 1.98 and a beta of 0.56.
SYSCO (NYSE:SYY) last posted its quarterly earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The firm had revenue of $15.32 billion during the quarter, compared to analysts’ expectations of $15.30 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, analysts anticipate that SYSCO Co. will post 3.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, October 5th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Thursday, October 4th. SYSCO’s dividend payout ratio is currently 45.86%.
In other news, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $73.71, for a total value of $368,550.00. Following the completion of the transaction, the director now owns 61,137 shares in the company, valued at $4,506,408.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian R. Todd sold 9,147 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total value of $675,231.54. Following the completion of the transaction, the senior vice president now owns 11,747 shares of the company’s stock, valued at approximately $867,163.54. The disclosure for this sale can be found here. Insiders sold 3,969,811 shares of company stock valued at $297,380,043 in the last 90 days. Company insiders own 9.60% 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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