CIBC Private Wealth Group LLC Purchases 2,018 Shares of SYSCO Co. (NYSE:SYY)

CIBC Private Wealth Group LLC grew its position in SYSCO Co. (NYSE:SYY) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,730 shares of the company’s stock after purchasing an additional 2,018 shares during the period. CIBC Private Wealth Group LLC’s holdings in SYSCO were worth $4,267,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of SYSCO by 1.3% in the second quarter. Vanguard Group Inc. now owns 44,414,289 shares of the company’s stock valued at $3,140,979,000 after purchasing an additional 551,581 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of SYSCO by 3.3% in the second quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock valued at $2,201,542,000 after purchasing an additional 1,004,706 shares in the last quarter. Trian Fund Management L.P. lifted its holdings in shares of SYSCO by 2.1% in the second quarter. Trian Fund Management L.P. now owns 23,671,603 shares of the company’s stock valued at $1,674,056,000 after purchasing an additional 489,566 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of SYSCO by 2.5% in the second quarter. Wells Fargo & Company MN now owns 10,313,753 shares of the company’s stock valued at $729,388,000 after purchasing an additional 246,850 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of SYSCO by 6.9% in the second quarter. Northern Trust Corp now owns 7,081,124 shares of the company’s stock valued at $500,776,000 after purchasing an additional 455,863 shares in the last quarter. Institutional investors own 78.40% of the company’s stock.

A number of research firms recently issued reports on SYY. JPMorgan Chase & Co. lifted their target price on SYSCO from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Credit Suisse Group lifted their target price on SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Bank of America lifted their target price on SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Barclays lifted their target price on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 13th. Finally, Consumer Edge began coverage on SYSCO in a research report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 target price on the stock. Two 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 stock currently has a consensus rating of “Hold” and an average target price of $74.52.

NYSE:SYY opened at $79.14 on Friday. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.81 and a current ratio of 1.33. The stock’s 50-day simple moving average is $77.65 and its 200 day simple moving average is $72.86. The company has a market cap of $40.56 billion, a P/E ratio of 22.29, a P/E/G ratio of 2.18 and a beta of 0.48. SYSCO Co. has a 52-week low of $59.44 and a 52-week high of $79.74.

SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 12th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.03. The firm had revenue of $15.47 billion for the quarter, compared to the consensus estimate of $15.65 billion. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. As a group, equities analysts predict that SYSCO Co. will post 3.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s dividend payout ratio (DPR) is presently 43.94%.

In other SYSCO news, 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 transaction, the senior vice president now owns 30,273 shares of the company’s stock, valued at $2,391,264.27. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Hans-Joachim Koerber sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $73.35, for a total value of $733,500.00. Following the transaction, the director now directly owns 52,872 shares in the company, valued at approximately $3,878,161.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,893 shares of company stock worth $9,180,771. Company insiders own 5.24% of the company’s stock.

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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