Man Group plc Grows Position in SYSCO Co. (SYY)

Man Group plc lifted its position in SYSCO Co. (NYSE:SYY) by 38.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 361,315 shares of the company’s stock after acquiring an additional 100,259 shares during the period. Man Group plc owned 0.07% of SYSCO worth $26,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new stake in SYSCO during the 2nd quarter worth about $121,000. Fort L.P. acquired a new stake in SYSCO during the 2nd quarter worth about $123,000. Daiwa SB Investments Ltd. acquired a new stake in SYSCO during the 3rd quarter worth about $132,000. Security National Trust Co. grew its position in SYSCO by 110.0% during the 3rd quarter. Security National Trust Co. now owns 2,100 shares of the company’s stock worth $154,000 after purchasing an additional 1,100 shares during the period. Finally, Cerebellum GP LLC acquired a new stake in SYSCO during the 3rd quarter worth about $181,000. 78.96% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently issued reports on SYY shares. Morgan Stanley lowered their target price on shares of SYSCO from $71.00 to $69.00 and set a “hold” rating on the stock in a research note on Tuesday, November 6th. Credit Suisse Group lowered their target price on shares of SYSCO from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. BMO Capital Markets lowered their target price on shares of SYSCO from $81.00 to $79.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. Loop Capital decreased their price target on shares of SYSCO to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Monday, November 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $73.54.

In other news, Director Trian Fund Management, L.P. sold 2,215,532 shares of SYSCO stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $66.45, for a total transaction of $147,222,101.40. Following the completion of the sale, the director now directly owns 7,055 shares of the company’s stock, valued at approximately $468,804.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction on Monday, October 15th. The stock was sold at an average price of $68.62, for a total transaction of $343,100.00. Following the sale, the director now directly owns 56,393 shares of the company’s stock, valued at $3,869,687.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,755,007 shares of company stock valued at $249,642,189. Corporate insiders own 7.88% of the company’s stock.

Shares of SYY stock opened at $65.45 on Friday. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.30 and a quick ratio of 0.80. SYSCO Co. has a 52 week low of $56.01 and a 52 week high of $75.98. The company has a market capitalization of $34.02 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.85 and a beta of 0.54.

SYSCO (NYSE:SYY) last issued its quarterly earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.01). SYSCO had a net margin of 2.52% and a return on equity of 68.81%. The business had revenue of $15.22 billion during the quarter, compared to analysts’ expectations of $15.39 billion. During the same period in the prior year, the business earned $0.74 EPS. The business’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities analysts forecast that SYSCO Co. will post 3.4 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 25th. Stockholders of record on Friday, January 4th will be given a dividend of $0.39 per share. This is a boost from SYSCO’s previous quarterly dividend of $0.36. This represents a $1.56 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, January 3rd. SYSCO’s payout ratio is 45.86%.

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About SYSCO

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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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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