Summit X LLC Acquires 790 Shares of SYSCO Co. (SYY)
Summit X LLC lifted its holdings in SYSCO Co. (NYSE:SYY) by 9.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,077 shares of the company’s stock after purchasing an additional 790 shares during the period. Summit X LLC’s holdings in SYSCO were worth $551,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Northwest Quadrant Wealth Management LLC lifted its stake in shares of SYSCO by 0.6% in the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 5,169 shares of the company’s stock worth $269,000 after purchasing an additional 29 shares during the period. Keel Point LLC raised its stake in SYSCO by 0.8% during the 2nd quarter. Keel Point LLC now owns 5,782 shares of the company’s stock worth $291,000 after acquiring an additional 47 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co raised its stake in SYSCO by 0.6% during the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 17,800 shares of the company’s stock worth $896,000 after acquiring an additional 100 shares during the period. Laurel Wealth Advisors Inc. raised its stake in SYSCO by 1.1% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 10,334 shares of the company’s stock worth $520,000 after acquiring an additional 116 shares during the period. Finally, MML Investors Services LLC raised its stake in SYSCO by 0.9% during the 2nd quarter. MML Investors Services LLC now owns 13,403 shares of the company’s stock worth $675,000 after acquiring an additional 120 shares during the period. Hedge funds and other institutional investors own 79.93% of the company’s stock.
In related news, SVP Greg D. Bertrand sold 81,038 shares of the firm’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $60.76, for a total value of $4,923,868.88. Following the completion of the transaction, the senior vice president now directly owns 69,721 shares of the company’s stock, valued at $4,236,247.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William J. Delaney III sold 150,000 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $54.05, for a total transaction of $8,107,500.00. Following the completion of the transaction, the chief executive officer now directly owns 526,725 shares of the company’s stock, valued at $28,469,486.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 294,695 shares of company stock worth $16,866,723. Company insiders own 9.60% of the company’s stock.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.02. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.43 billion. SYSCO had a net margin of 2.12% and a return on equity of 58.47%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.67 earnings per share. sell-side analysts expect that SYSCO Co. will post 2.85 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 5th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.26%. This is a boost from SYSCO’s previous quarterly dividend of $0.33. SYSCO’s dividend payout ratio (DPR) is presently 65.75%.
A number of equities research analysts have commented on SYY shares. Zacks Investment Research upgraded shares of SYSCO from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Tuesday, October 10th. Pivotal Research restated a “hold” rating and set a $53.00 target price on shares of SYSCO in a research note on Sunday, November 5th. BMO Capital Markets set a $66.00 target price on shares of SYSCO and gave the stock a “buy” rating in a research note on Friday, December 8th. Loop Capital raised their target price on shares of SYSCO to $68.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, Morgan Stanley upgraded shares of SYSCO from an “underweight” rating to an “equal weight” rating and set a $64.00 target price on the stock in a research note on Tuesday, January 16th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $59.92.
ILLEGAL ACTIVITY NOTICE: This piece was first reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this piece on another publication, it was stolen and reposted in violation of U.S. and international copyright legislation. The correct version of this piece can be viewed at https://theolympiareport.com/2018/01/23/summit-x-llc-acquires-790-shares-of-sysco-co-syy.html.
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.
Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.