Scotia Capital Inc. cut its holdings in SYSCO Co. (NYSE:SYY) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,564 shares of the company’s stock after selling 1,153 shares during the period. Scotia Capital Inc.’s holdings in SYSCO were worth $3,010,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in SYY. Krane Funds Advisors LLC purchased a new stake in SYSCO in the second quarter valued at approximately $25,000. SRS Capital Advisors Inc. purchased a new position in SYSCO in the second quarter valued at $28,000. Coastal Capital Group Inc. purchased a new position in SYSCO in the second quarter valued at $29,000. FinTrust Capital Advisors LLC increased its holdings in SYSCO by 55.2% in the second 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 last quarter. Finally, Cornerstone Advisors Inc. increased its holdings in SYSCO by 40.4% in the first quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock valued at $39,000 after buying an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.
In related news, Director Hans-Joachim Koerber sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $73.35, for a total value of $733,500.00. Following the completion of the sale, the director now owns 52,872 shares in the company, valued at $3,878,161.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.88% of the stock is owned by company insiders.
SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, August 12th. The company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. The firm had revenue of $15.47 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities research analysts forecast that SYSCO Co. will post 3.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given 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 2.00%. SYSCO’s payout ratio is currently 43.94%.
Several research firms recently commented on SYY. Barclays increased their target price on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, August 13th. JPMorgan Chase & Co. increased their target price on SYSCO from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Consumer Edge began coverage on SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 target price on the stock. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a report on Monday, August 12th. Finally, Credit Suisse Group increased their target price on SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $73.60.
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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