Capital Investment Services of America Inc. decreased its holdings in SYSCO Co. (NYSE:SYY) by 9.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,820 shares of the company’s stock after selling 300 shares during the quarter. Capital Investment Services of America Inc.’s holdings in SYSCO were worth $224,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Krane Funds Advisors LLC bought a new position in SYSCO in the 2nd quarter valued at about $25,000. SRS Capital Advisors Inc. bought a new position in SYSCO in the 2nd quarter valued at about $28,000. Coastal Capital Group Inc. bought a new position in SYSCO in the 2nd quarter valued at about $29,000. Neo Ivy Capital Management bought a new position in SYSCO in the 2nd quarter valued at about $32,000. Finally, FinTrust Capital Advisors LLC increased its holdings in SYSCO by 55.2% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 523 shares of the company’s stock valued at $37,000 after buying an additional 186 shares during the period. Institutional investors and hedge funds own 78.15% of the company’s stock.
In other SYSCO news, CEO Thomas Bene sold 39,384 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $78.12, for a total transaction of $3,076,678.08. Following the sale, the chief executive officer now directly owns 132,929 shares of the company’s stock, valued at approximately $10,384,413.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Brian R. Todd sold 14,706 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $78.99, for a total transaction of $1,161,626.94. Following the sale, the senior vice president now directly owns 30,273 shares in the company, valued at $2,391,264.27. The disclosure for this sale can be found here. Insiders have sold a total of 117,893 shares of company stock worth $9,180,771 over the last three months. Insiders own 5.24% of the company’s stock.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.03. The company had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. SYSCO had a net margin of 2.79% and a return on equity of 76.80%. The firm’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Equities research analysts forecast that SYSCO Co. will post 3.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 yield of 1.98%. The ex-dividend date is Thursday, October 3rd. SYSCO’s payout ratio is 43.94%.
Several research firms have commented on SYY. JPMorgan Chase & Co. raised their target price on shares of SYSCO from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Consumer Edge assumed coverage on shares of SYSCO in a report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price target on the stock. Bank of America lifted their price target on shares of SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Co reaffirmed a “buy” rating on shares of SYSCO in a report on Monday, August 12th. Finally, Barclays lifted their price target on shares of SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $74.52.
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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