Brighton Jones LLC acquired a new stake in Sysco Corporation (NYSE:SYY) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,613 shares of the company’s stock, valued at approximately $232,000.
Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after purchasing an additional 1,064,162 shares during the period. BlackRock Inc. grew its position in shares of Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after purchasing an additional 30,735,711 shares during the period. Ameriprise Financial Inc. grew its position in shares of Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock valued at $510,776,000 after purchasing an additional 118,939 shares during the period. Bank of New York Mellon Corp grew its position in shares of Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock valued at $347,241,000 after purchasing an additional 385,492 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Sysco Corporation by 47.6% in the second quarter. American Century Companies Inc. now owns 5,054,930 shares of the company’s stock valued at $254,415,000 after purchasing an additional 1,629,990 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently commented on SYY. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research report on Monday, August 14th. Zacks Investment Research downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BMO Capital Markets set a $60.00 price objective on Sysco Corporation and gave the company a “buy” rating in a research report on Thursday, August 3rd. BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $61.00 price objective on shares of Sysco Corporation in a research report on Monday, June 26th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $56.17.
In related news, Director Trian Fund Management, L.P. purchased 889,561 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were acquired at an average cost of $53.68 per share, with a total value of $47,751,634.48. Following the completion of the purchase, the director now owns 5,529 shares of the company’s stock, valued at approximately $296,796.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the completion of the transaction, 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 company insiders.
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Sysco Corporation (SYY) opened at 53.92 on Wednesday. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The company has a 50-day moving average price of $52.31 and a 200-day moving average price of $52.57. The firm has a market cap of $28.46 billion, a PE ratio of 25.92 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same period in the prior year, the business posted $0.64 earnings per share. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities analysts predict that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
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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