GAM Holding AG reduced its position in shares of SYSCO Co. (NYSE:SYY) by 14.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 40,590 shares of the company’s stock after selling 6,724 shares during the quarter. GAM Holding AG’s holdings in SYSCO were worth $2,710,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of SYY. Gulf International Bank UK Ltd increased its position in shares of SYSCO by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 119,346 shares of the company’s stock valued at $7,967,000 after buying an additional 1,566 shares in the last quarter. Gofen & Glossberg LLC IL purchased a new stake in shares of SYSCO in the first quarter valued at approximately $304,000. Calamos Advisors LLC increased its position in shares of SYSCO by 1.0% in the first quarter. Calamos Advisors LLC now owns 99,546 shares of the company’s stock valued at $6,646,000 after buying an additional 974 shares in the last quarter. Pinnacle Associates Ltd. increased its position in shares of SYSCO by 7.9% in the first quarter. Pinnacle Associates Ltd. now owns 4,750 shares of the company’s stock valued at $317,000 after buying an additional 346 shares in the last quarter. Finally, Carnick & Kubik Group LLC increased its position in shares of SYSCO by 1.1% in the first quarter. Carnick & Kubik Group LLC now owns 56,857 shares of the company’s stock valued at $3,796,000 after buying an additional 602 shares in the last quarter. Institutional investors own 77.58% of the company’s stock.
SYY has been the subject of several research reports. Zacks Investment Research upgraded SYSCO from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Tuesday, May 7th. Morgan Stanley upped their target price on SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. Loop Capital upped their price target on SYSCO to $80.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. decreased their price target on SYSCO from $77.00 to $75.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Buckingham Research raised their price target on SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $74.21.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, May 6th. The company reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.09. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The business had revenue of $14.66 billion for the quarter, compared to analysts’ expectations of $14.78 billion. During the same quarter in the previous year, the firm posted $0.67 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. Analysts anticipate that SYSCO Co. will post 3.5 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, July 3rd. SYSCO’s dividend payout ratio is currently 49.68%.
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.
Featured Article: Front-End Load
Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.