Trust Co. of Virginia VA trimmed its position in SYSCO Co. (NYSE:SYY) by 4.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,920 shares of the company’s stock after selling 245 shares during the quarter. Trust Co. of Virginia VA’s holdings in SYSCO were worth $269,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of SYY. TFG Advisers LLC bought a new stake in SYSCO in the fourth quarter valued at $34,000. Quadrant Capital Group LLC grew its holdings in shares of SYSCO by 19.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,550 shares of the company’s stock worth $284,000 after purchasing an additional 571 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services grew its holdings in shares of SYSCO by 55.0% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 41,862 shares of the company’s stock worth $1,910,000 after purchasing an additional 14,857 shares during the last quarter. IMS Capital Management grew its holdings in shares of SYSCO by 105.6% during the first quarter. IMS Capital Management now owns 5,074 shares of the company’s stock worth $232,000 after purchasing an additional 2,606 shares during the last quarter. Finally, Nexus Investment Management Inc. grew its holdings in shares of SYSCO by 14.0% during the first quarter. Nexus Investment Management Inc. now owns 12,200 shares of the company’s stock worth $557,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 79.35% of the company’s stock.
Several brokerages have recently commented on SYY. Credit Suisse Group decreased their target price on SYSCO from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, May 6th. Jefferies Financial Group cut their price target on SYSCO from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reaffirmed a “buy” rating and set a $64.00 price target on shares of SYSCO in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on SYSCO from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Finally, BMO Capital Markets lowered SYSCO from an “outperform” rating to a “market perform” rating and cut their price target for the company from $88.00 to $51.00 in a research note on Thursday, April 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. SYSCO currently has an average rating of “Hold” and an average target price of $69.36.
SYSCO (NYSE:SYY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.08). The company had revenue of $13.70 billion during the quarter, compared to the consensus estimate of $14.04 billion. SYSCO had a net margin of 2.30% and a return on equity of 73.70%. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, research analysts predict that SYSCO Co. will post 1.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.45 per share. The ex-dividend date was Wednesday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 3.41%. SYSCO’s dividend payout ratio is currently 50.70%.
In other SYSCO news, Director Joshua D. Frank bought 600,000 shares of SYSCO stock in a transaction dated Friday, May 15th. The stock was bought at an average cost of $47.42 per share, for a total transaction of $28,452,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Trian Fund Management, L.P. bought 703,700 shares of SYSCO stock in a transaction dated Monday, May 18th. The shares were acquired at an average price of $51.38 per share, with a total value of $36,156,106.00. The disclosure for this purchase can be found here. Insiders own 5.24% of the company’s stock.
SYSCO Company Profile
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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