Coastline Trust Co reduced its position in SYSCO Co. (NYSE:SYY) by 6.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 85,484 shares of the company’s stock after selling 5,790 shares during the period. SYSCO accounts for about 0.9% of Coastline Trust Co’s portfolio, making the stock its 21st largest position. Coastline Trust Co’s holdings in SYSCO were worth $6,262,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in SYY. Natixis bought a new stake in shares of SYSCO in the 1st quarter valued at about $4,220,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of SYSCO by 8.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 80,091 shares of the company’s stock valued at $4,793,000 after buying an additional 6,062 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in shares of SYSCO by 20.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 617,852 shares of the company’s stock valued at $37,047,000 after buying an additional 105,884 shares in the last quarter. Rainier Group Investment Advisory LLC bought a new stake in shares of SYSCO in the 1st quarter valued at about $156,000. Finally, Private Capital Group LLC boosted its stake in SYSCO by 970.2% in the 1st quarter. Private Capital Group LLC now owns 2,044 shares of the company’s stock worth $123,000 after purchasing an additional 1,853 shares in the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
In other SYSCO news, Director Trian Fund Management, L.P. sold 2,115,358 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total transaction of $158,249,931.98. Following the completion of the transaction, the director now directly owns 4,005 shares of the company’s stock, valued at approximately $299,614.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard G. Tilghman sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $73.71, for a total transaction of $368,550.00. Following the transaction, the director now directly owns 61,137 shares of the company’s stock, valued at $4,506,408.27. The disclosure for this sale can be found here. Insiders have sold a total of 3,964,811 shares of company stock valued at $297,026,993 over the last three months. 9.60% of the stock is currently owned by insiders.
SYSCO (NYSE:SYY) last released its earnings results on Monday, August 13th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The company had revenue of $15.32 billion during the quarter, compared to analysts’ expectations of $15.30 billion. During the same period last year, the business earned $0.72 EPS. SYSCO’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, equities research analysts expect that SYSCO Co. will post 3.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, October 4th. SYSCO’s dividend payout ratio is presently 45.86%.
A number of analysts recently commented on the stock. ValuEngine upgraded shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. BMO Capital Markets lifted their target price on shares of SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 14th. Citigroup lifted their target price on shares of SYSCO from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 19th. Morgan Stanley lifted their target price on shares of SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 17th. Finally, Pivotal Research lifted their target price on shares of SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a research note on Saturday, August 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $72.42.
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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