Sysco Corporation (SYY) Position Increased by Engineers Gate Manager LP
Engineers Gate Manager LP increased its holdings in shares of Sysco Corporation (NYSE:SYY) by 116.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,560 shares of the company’s stock after purchasing an additional 31,018 shares during the quarter. Engineers Gate Manager LP’s holdings in Sysco were worth $3,105,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. First Personal Financial Services increased its position in Sysco by 293.2% during the third quarter. First Personal Financial Services now owns 1,962 shares of the company’s stock worth $106,000 after buying an additional 1,463 shares during the period. Arcadia Investment Management Corp MI increased its holdings in shares of Sysco by 10.7% in the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after purchasing an additional 225 shares during the period. Acrospire Investment Management LLC increased its holdings in shares of Sysco by 84.6% in the second quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after purchasing an additional 1,100 shares during the period. Manchester Capital Management LLC increased its holdings in shares of Sysco by 13.4% in the second quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after purchasing an additional 300 shares during the period. Finally, Kistler Tiffany Companies LLC increased its holdings in shares of Sysco by 0.4% in the second quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after purchasing an additional 12 shares during the period. 80.22% of the stock is owned by hedge funds and other institutional investors.
Shares of Sysco Corporation (SYY) traded up $0.24 during trading hours on Thursday, reaching $59.52. The company’s stock had a trading volume of 3,402,600 shares, compared to its average volume of 2,894,338. The firm has a market capitalization of $30,888.21, a price-to-earnings ratio of 23.25, a PEG ratio of 2.65 and a beta of 0.54. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.40 and a quick ratio of 0.88. Sysco Corporation has a 12 month low of $48.85 and a 12 month high of $59.94.
Sysco (NYSE:SYY) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.02. Sysco had a return on equity of 58.47% and a net margin of 2.12%. The company had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.43 billion. During the same period in the prior year, the firm posted $0.67 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. research analysts predict that Sysco Corporation will post 2.77 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 5th will be paid a $0.36 dividend. The ex-dividend date is Thursday, January 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.42%. This is a positive change from Sysco’s previous quarterly dividend of $0.33. Sysco’s dividend payout ratio (DPR) is 60.00%.
In related news, insider Wayne Shurts sold 15,600 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $56.66, for a total value of $883,896.00. Following the completion of the transaction, the insider now owns 56,985 shares of the company’s stock, valued at $3,228,770.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $53.16, for a total value of $1,594,800.00. Following the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $21,621,501. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,237,981 shares of company stock valued at $120,454,412. Insiders own 9.60% of the company’s stock.
A number of brokerages recently weighed in on SYY. Zacks Investment Research raised Sysco from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Tuesday, October 10th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco in a report on Monday, August 14th. Pivotal Research reaffirmed a “hold” rating and set a $53.00 price objective on shares of Sysco in a report on Sunday, November 5th. Royal Bank Of Canada set a $50.00 price objective on Sysco and gave the stock a “hold” rating in a report on Friday, August 11th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Sysco in a research report on Tuesday, September 12th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $56.42.
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Sysco Company Profile
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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