Cornerstone Capital Management Holdings LLC. Has $6.48 Million Stake in Sysco Corporation (SYY)
Cornerstone Capital Management Holdings LLC. lessened its position in Sysco Corporation (NYSE:SYY) by 40.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,819 shares of the company’s stock after selling 88,895 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Sysco Corporation were worth $6,483,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. TrimTabs Asset Management LLC lifted its holdings in Sysco Corporation by 88.7% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after buying an additional 1,016 shares in the last quarter. Arcadia Investment Management Corp MI lifted its holdings in Sysco Corporation by 10.7% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after buying an additional 225 shares in the last quarter. Acrospire Investment Management LLC lifted its holdings in Sysco Corporation by 84.6% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after buying an additional 1,100 shares in the last quarter. Manchester Capital Management LLC lifted its holdings in Sysco Corporation by 13.4% during the 2nd quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after buying an additional 300 shares in the last quarter. Finally, Kistler Tiffany Companies LLC lifted its holdings in Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after buying an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 80.65% of the company’s stock.
Shares of Sysco Corporation (SYY) opened at 54.45 on Monday. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The stock has a 50 day moving average of $53.57 and a 200 day moving average of $52.80. The company has a market cap of $28.74 billion, a price-to-earnings ratio of 26.18 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 earnings per share. Analysts forecast that Sysco Corporation will post $2.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be issued a $0.33 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.32 annualized dividend and a yield of 2.42%. Sysco Corporation’s dividend payout ratio (DPR) is 63.16%.
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A number of brokerages recently weighed in on SYY. Wells Fargo & Company reiterated a “buy” rating on shares of Sysco Corporation in a report on Monday, August 14th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Tuesday, October 10th. BMO Capital Markets set a $60.00 price objective on shares of Sysco Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Bank of America Corporation reiterated a “buy” rating and set a $61.00 price objective on shares of Sysco Corporation in a report on Monday, June 26th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $56.42.
In related news, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $50.87, for a total value of $793,572.00. Following the sale, the insider now owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $51.31, for a total transaction of $1,539,300.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,869,059.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,111,381 shares of company stock worth $113,332,388. 9.60% of the stock is owned by corporate insiders.
About Sysco Corporation
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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