Tredje AP fonden Reduces Stake in SYSCO Co. (NYSE:SYY)
Tredje AP fonden lessened its stake in shares of SYSCO Co. (NYSE:SYY) by 47.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,555 shares of the company’s stock after selling 31,726 shares during the period. Tredje AP fonden’s holdings in SYSCO were worth $1,622,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently made changes to their positions in SYY. Loudon Investment Management LLC grew its stake in shares of SYSCO by 10.3% in the 1st quarter. Loudon Investment Management LLC now owns 8,870 shares of the company’s stock valued at $405,000 after buying an additional 830 shares during the period. National Pension Service lifted its holdings in SYSCO by 1.3% in the first quarter. National Pension Service now owns 638,759 shares of the company’s stock valued at $29,147,000 after acquiring an additional 7,887 shares during the last quarter. Morgan Stanley grew its position in SYSCO by 32.0% in the first quarter. Morgan Stanley now owns 2,431,834 shares of the company’s stock worth $110,965,000 after acquiring an additional 589,456 shares during the period. The Manufacturers Life Insurance Company grew its position in SYSCO by 12.0% in the first quarter. The Manufacturers Life Insurance Company now owns 548,807 shares of the company’s stock worth $25,042,000 after acquiring an additional 58,858 shares during the period. Finally, Hubbell Strickland Wealth Management LLC increased its stake in SYSCO by 22.3% during the first quarter. Hubbell Strickland Wealth Management LLC now owns 4,828 shares of the company’s stock worth $220,000 after acquiring an additional 879 shares during the last quarter. 79.41% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Joshua D. Frank acquired 600,000 shares of SYSCO stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $47.42 per share, for a total transaction of $28,452,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Trian Fund Management, L.P. acquired 703,700 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were purchased at an average cost of $51.38 per share, with a total value of $36,156,106.00. The disclosure for this purchase can be found here. 5.24% of the stock is owned by company insiders.
SYSCO (NYSE:SYY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.08). The company had revenue of $13.70 billion for the quarter, compared to analysts’ expectations of $14.04 billion. SYSCO had a return on equity of 73.70% and a net margin of 2.30%. The firm’s revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 EPS. Equities research analysts expect that SYSCO Co. will post 2.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, July 1st. This represents a $1.80 annualized dividend and a yield of 3.40%. SYSCO’s dividend payout ratio (DPR) is 50.70%.
A number of research firms have recently weighed in on SYY. Argus cut SYSCO from a “buy” rating to a “hold” rating in a report on Tuesday, March 24th. Wells Fargo & Co raised shares of SYSCO from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $70.00 in a research note on Friday, June 5th. JPMorgan Chase & Co. boosted their price target on shares of SYSCO from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday. Zacks Investment Research lowered shares of SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price objective on the stock. in a report on Saturday, May 2nd. Finally, ValuEngine upgraded shares of SYSCO from a “sell” rating to a “hold” rating in a report on Saturday, February 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. SYSCO presently has a consensus rating of “Hold” and a consensus target price of $69.56.
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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