Ifrah Financial Services Inc. cut its holdings in shares of Sysco Corporation (NYSE:SYY) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,251 shares of the company’s stock after selling 75 shares during the quarter. Ifrah Financial Services Inc.’s holdings in Sysco Corporation were worth $466,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in SYY. BlackRock Inc. lifted its holdings in Sysco Corporation by 2,088.2% during the 1st quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after buying an additional 30,735,711 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Sysco Corporation by 86.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after buying an additional 1,126,573 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Sysco Corporation by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after buying an additional 1,064,162 shares in the last quarter. Bank of America Corp DE lifted its holdings in Sysco Corporation by 18.3% during the 1st quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after buying an additional 733,433 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Sysco Corporation by 21.1% during the 1st quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock worth $177,823,000 after buying an additional 596,224 shares in the last quarter. Institutional investors own 79.97% of the company’s stock.
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Sysco Corporation (SYY) opened at 53.66 on Friday. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The stock has a market capitalization of $28.33 billion, a P/E ratio of 25.80 and a beta of 0.52. The company has a 50 day moving average of $52.22 and a 200-day moving average of $52.56.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.01. The firm 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 firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. Equities research analysts anticipate that Sysco Corporation will post $2.76 EPS for the current year.
The business also recently declared 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 of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a yield of 2.46%. Sysco Corporation’s dividend payout ratio is presently 63.16%.
In related news, EVP Wayne Shurts sold 7,800 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total value of $396,396.00. Following the sale, the executive vice president now directly owns 58,776 shares of the company’s stock, valued at $2,986,996.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at $20,303,712. The disclosure for this sale can be found here. Insiders sold 524,714 shares of company stock worth $27,628,142 over the last ninety days. 8.81% of the stock is currently owned by corporate insiders.
A number of equities research analysts have recently weighed in on SYY shares. Zacks Investment Research lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Royal Bank Of Canada set a $50.00 price objective on shares of Sysco Corporation and gave the company a “hold” rating in a report on Friday, August 11th. Bank of America Corporation restated a “buy” rating and issued a $61.00 price objective on shares of Sysco Corporation in a report on Monday, June 26th. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a report on Monday, August 14th. Finally, J P Morgan Chase & Co restated an “overweight” rating and issued a $57.00 price objective on shares of Sysco Corporation in a report on Friday, June 23rd. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $56.17.
Sysco Corporation 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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