Strategic Wealth Partners Ltd. trimmed its position in shares of SYSCO Co. (NYSE:SYY) by 14.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,384 shares of the company’s stock after selling 589 shares during the period. Strategic Wealth Partners Ltd.’s holdings in SYSCO were worth $239,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Parnassus Investments CA raised its stake in shares of SYSCO by 4.7% during the first quarter. Parnassus Investments CA now owns 8,752,593 shares of the company’s stock valued at $584,323,000 after acquiring an additional 393,096 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of SYSCO by 8.7% during the first quarter. Janus Henderson Group PLC now owns 7,948,553 shares of the company’s stock valued at $530,645,000 after acquiring an additional 633,041 shares during the last quarter. Northern Trust Corp raised its stake in shares of SYSCO by 3.1% during the first quarter. Northern Trust Corp now owns 6,625,261 shares of the company’s stock valued at $442,302,000 after acquiring an additional 197,233 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of SYSCO by 20.5% during the fourth quarter. Geode Capital Management LLC now owns 6,331,895 shares of the company’s stock valued at $396,070,000 after acquiring an additional 1,076,459 shares during the last quarter. Finally, FMR LLC raised its stake in shares of SYSCO by 29.4% during the first quarter. FMR LLC now owns 5,749,922 shares of the company’s stock valued at $383,865,000 after acquiring an additional 1,306,410 shares during the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Hans-Joachim Koerber sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $73.35, for a total transaction of $733,500.00. Following the sale, the director now owns 52,872 shares in the company, valued at $3,878,161.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.88% of the company’s stock.
SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, August 12th. The company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.03. The business had revenue of $15.47 billion for the quarter, compared to analysts’ expectations of $15.65 billion. SYSCO had a net margin of 2.79% and a return on equity of 76.80%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, equities research analysts forecast that SYSCO Co. will post 3.82 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Thursday, October 3rd. SYSCO’s payout ratio is 43.94%.
SYY has been the subject of a number of research reports. Pivotal Research reissued a “sell” rating and issued a $58.00 price target (up from $54.00) on shares of SYSCO in a research note on Tuesday, May 7th. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research note on Monday, August 12th. Zacks Investment Research downgraded shares of SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a research note on Tuesday, June 11th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th. Finally, Buckingham Research increased their price target on shares of SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, six 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 $73.60.
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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