Tocqueville Asset Management L.P. Decreases Stock Position in SYSCO Co. (NYSE:SYY)
Tocqueville Asset Management L.P. lessened its position in SYSCO Co. (NYSE:SYY) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,920 shares of the company’s stock after selling 600 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in SYSCO were worth $13,431,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 6 Meridian increased its holdings in shares of SYSCO by 1.8% in the second quarter. 6 Meridian now owns 7,760 shares of the company’s stock valued at $549,000 after purchasing an additional 140 shares during the last quarter. Security National Trust Co. increased its stake in SYSCO by 6.4% during the first quarter. Security National Trust Co. now owns 2,500 shares of the company’s stock worth $167,000 after acquiring an additional 150 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its stake in SYSCO by 3.4% during the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 4,623 shares of the company’s stock worth $327,000 after acquiring an additional 150 shares during the last quarter. Cornerstone Advisors Inc. increased its stake in SYSCO by 27.0% during the second quarter. Cornerstone Advisors Inc. now owns 733 shares of the company’s stock worth $52,000 after acquiring an additional 156 shares during the last quarter. Finally, Cable Hill Partners LLC increased its stake in SYSCO by 11.8% during the first quarter. Cable Hill Partners LLC now owns 1,520 shares of the company’s stock worth $101,000 after acquiring an additional 161 shares during the last quarter. Institutional investors and hedge funds own 78.30% of the company’s stock.
Several equities research analysts have issued reports on the company. Zacks Investment Research cut SYSCO from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a research note on Tuesday, June 11th. Credit Suisse Group raised their target price on SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Tuesday. Loop Capital raised their target price on SYSCO to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Buckingham Research raised their target price on SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Barclays raised their target price on SYSCO from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. SYSCO has a consensus rating of “Hold” and a consensus price target of $74.05.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, August 12th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.07 by $0.03. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The business had revenue of $15.47 billion during the quarter, compared to analyst estimates of $15.65 billion. During the same period last year, the business posted $0.94 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that SYSCO Co. will post 3.5 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.13%. SYSCO’s dividend payout ratio is currently 49.68%.
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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