New England Asset Management Inc. reduced its holdings in shares of SYSCO Co. (NYSE:SYY) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,960 shares of the company’s stock after selling 900 shares during the period. SYSCO accounts for approximately 0.1% of New England Asset Management Inc.’s investment portfolio, making the stock its 24th biggest holding. New England Asset Management Inc.’s holdings in SYSCO were worth $5,796,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the business. 6 Meridian grew its position in SYSCO by 1.8% in the 2nd quarter. 6 Meridian now owns 7,760 shares of the company’s stock valued at $549,000 after buying an additional 140 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. lifted its position in shares of SYSCO by 3.4% in the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 4,623 shares of the company’s stock worth $327,000 after acquiring an additional 150 shares during the period. Cornerstone Advisors Inc. lifted its position in shares of SYSCO by 27.0% in the 2nd quarter. Cornerstone Advisors Inc. now owns 733 shares of the company’s stock worth $52,000 after acquiring an additional 156 shares during the period. Cable Hill Partners LLC lifted its position in shares of SYSCO by 11.8% in the 1st quarter. Cable Hill Partners LLC now owns 1,520 shares of the company’s stock worth $101,000 after acquiring an additional 161 shares during the period. Finally, Lynch & Associates IN lifted its position in shares of SYSCO by 0.3% in the 2nd quarter. Lynch & Associates IN now owns 60,842 shares of the company’s stock worth $4,303,000 after acquiring an additional 161 shares during the period. Hedge funds and other institutional investors own 78.15% of the company’s stock.
A number of equities research analysts have weighed in on SYY shares. Consumer Edge started coverage on shares of SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price objective on the stock. Barclays lifted their price target on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, August 13th. Wells Fargo & Co restated a “buy” rating on shares of SYSCO in a report on Monday, August 12th. Zacks Investment Research cut SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a report on Tuesday, June 11th. Finally, Credit Suisse Group lifted their price target on SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $73.60.
SYSCO (NYSE:SYY) last released its earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The firm had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s revenue was up 1.0% on a year-over-year basis. As a group, equities research analysts forecast that SYSCO Co. will post 3.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 1.99%. SYSCO’s dividend payout ratio is 43.94%.
In other news, Director Hans-Joachim Koerber sold 10,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 52,872 shares in the company, valued at approximately $3,878,161.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John M. Cassaday sold 20,203 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $77.23, for a total transaction of $1,560,277.69. Following the transaction, the director now owns 52,785 shares of the company’s stock, valued at $4,076,585.55. The disclosure for this sale can be found here. 7.88% of the stock is currently owned by insiders.
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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