Ashfield Capital Partners LLC trimmed its holdings in shares of SYSCO Co. (NYSE:SYY) by 2.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 30,246 shares of the company’s stock after selling 916 shares during the period. Ashfield Capital Partners LLC’s holdings in SYSCO were worth $2,216,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in SYSCO by 64.6% in the 2nd quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock worth $1,206,188,000 after acquiring an additional 6,929,805 shares during the last quarter. Janus Henderson Group PLC raised its holdings in SYSCO by 1.2% in the 2nd quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock worth $403,131,000 after acquiring an additional 68,148 shares during the last quarter. Bank of Montreal Can raised its holdings in SYSCO by 14.9% in the 2nd quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock worth $310,878,000 after acquiring an additional 590,410 shares during the last quarter. Victory Capital Management Inc. raised its holdings in SYSCO by 2.1% in the 2nd quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock worth $282,126,000 after acquiring an additional 86,450 shares during the last quarter. Finally, Morgan Stanley raised its holdings in SYSCO by 83.0% in the 2nd quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock worth $266,109,000 after acquiring an additional 1,767,298 shares during the last quarter. Hedge funds and other institutional investors own 80.11% of the company’s stock.
In other news, Director Joshua D. Frank sold 1,013,666 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $75.09, for a total transaction of $76,116,179.94. Following the completion of the sale, the director now owns 4,005 shares of the company’s stock, valued at approximately $300,735.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction on Monday, October 15th. The shares were sold at an average price of $68.62, for a total transaction of $343,100.00. Following the sale, the director now directly owns 56,393 shares of the company’s stock, valued at approximately $3,869,687.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,969,811 shares of company stock valued at $297,370,093. 7.88% of the stock is currently owned by insiders.
NYSE:SYY opened at $64.56 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt-to-equity ratio of 3.01. SYSCO Co. has a 12 month low of $52.30 and a 12 month high of $75.98. The company has a market capitalization of $37.12 billion, a price-to-earnings ratio of 20.56, a P/E/G ratio of 1.93 and a beta of 0.56.
SYSCO (NYSE:SYY) last posted its earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.01). SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The company had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $15.39 billion. During the same period last year, the firm posted $0.74 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that SYSCO Co. will post 3.48 earnings per share for the current year.
A number of brokerages recently weighed in on SYY. ValuEngine upgraded shares of SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. BMO Capital Markets boosted their price objective on shares of SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a report on Tuesday, August 14th. Morgan Stanley boosted their price objective on shares of SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 17th. Pivotal Research lifted their target price on shares of SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a research report on Saturday, August 18th. Finally, Buckingham Research assumed coverage on shares of SYSCO in a research report on Monday, October 22nd. They issued a “buy” rating and a $82.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. SYSCO currently has a consensus rating of “Hold” and an average price target of $73.62.
SYSCO Company Profile
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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