Nippon Life Insurance Co. decreased its position in shares of Sysco Corp. (NYSE:SYY) by 1.2% during the third quarter, Holdings Channel reports. The institutional investor owned 25,956 shares of the company’s stock after selling 313 shares during the period. Nippon Life Insurance Co.’s holdings in Sysco Corp. were worth $1,272,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of SYY. Sabal Trust CO raised its stake in Sysco Corp. by 2.0% in the second quarter. Sabal Trust CO now owns 465,104 shares of the company’s stock worth $23,600,000 after buying an additional 9,269 shares in the last quarter. Parsec Financial Management Inc. raised its stake in Sysco Corp. by 1.2% in the second quarter. Parsec Financial Management Inc. now owns 333,992 shares of the company’s stock worth $16,947,000 after buying an additional 3,912 shares in the last quarter. Advisor Partners LLC raised its stake in Sysco Corp. by 4.0% in the second quarter. Advisor Partners LLC now owns 7,808 shares of the company’s stock worth $396,000 after buying an additional 299 shares in the last quarter. Gareth Morgan Investments Limited Partnership purchased a new stake in Sysco Corp. during the second quarter worth about $3,297,000. Finally, BTC Capital Management Inc. purchased a new stake in Sysco Corp. during the third quarter worth about $2,281,000. Institutional investors own 77.18% of the company’s stock.
Shares of Sysco Corp. (NYSE:SYY) traded down 2.95% during trading on Thursday, hitting $53.62. 6,507,815 shares of the stock traded hands. The company has a market cap of $29.33 billion, a price-to-earnings ratio of 29.66 and a beta of 0.54. Sysco Corp. has a 52 week low of $38.96 and a 52 week high of $57.07. The firm’s 50-day moving average price is $55.20 and its 200-day moving average price is $51.94.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.09. Sysco Corp. had a return on equity of 35.49% and a net margin of 1.99%. The company earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. During the same period in the previous year, the company earned $0.52 earnings per share. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts anticipate that Sysco Corp. will post $2.45 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, January 6th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, January 4th. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.46%. Sysco Corp.’s payout ratio is 72.53%.
A number of brokerages recently issued reports on SYY. Barclays PLC began coverage on shares of Sysco Corp. in a research note on Friday, September 23rd. They issued an “underweight” rating and a $48.00 price target for the company. Zacks Investment Research lowered shares of Sysco Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. Bank of America Corp. upgraded shares of Sysco Corp. from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Tuesday, November 8th. Credit Suisse Group AG lowered shares of Sysco Corp. from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $59.00 to $55.00 in a research note on Wednesday, November 16th. Finally, Jefferies Group restated a “hold” rating and issued a $50.00 price target on shares of Sysco Corp. in a research note on Friday, September 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $53.88.
In related news, SVP Greg D. Bertrand sold 16,500 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $50.79, for a total value of $838,035.00. Following the completion of the transaction, the senior vice president now directly owns 57,491 shares in the company, valued at $2,919,967.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $54.96, for a total value of $1,648,800.00. Following the completion of the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $22,353,606. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 276,098 shares of company stock valued at $14,651,428. Corporate insiders own 8.81% of the company’s stock.
About Sysco Corp.
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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