Summit Global Investments Raises Holdings in SYSCO Co. (NYSE:SYY)

Summit Global Investments grew its position in shares of SYSCO Co. (NYSE:SYY) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,097 shares of the company’s stock after purchasing an additional 9,800 shares during the quarter. SYSCO makes up about 1.7% of Summit Global Investments’ holdings, making the stock its 12th largest position. Summit Global Investments’ holdings in SYSCO were worth $13,025,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Gofen & Glossberg LLC IL purchased a new position in shares of SYSCO during the first quarter worth about $304,000. Gulf International Bank UK Ltd grew its holdings in shares of SYSCO by 1.3% during the first quarter. Gulf International Bank UK Ltd now owns 119,346 shares of the company’s stock worth $7,967,000 after buying an additional 1,566 shares during the last quarter. Calamos Advisors LLC grew its holdings in shares of SYSCO by 1.0% during the first quarter. Calamos Advisors LLC now owns 99,546 shares of the company’s stock worth $6,646,000 after buying an additional 974 shares during the last quarter. Carnick & Kubik Group LLC grew its holdings in shares of SYSCO by 1.1% during the first quarter. Carnick & Kubik Group LLC now owns 56,857 shares of the company’s stock worth $3,796,000 after buying an additional 602 shares during the last quarter. Finally, Arrow Financial Corp grew its holdings in shares of SYSCO by 115.0% during the first quarter. Arrow Financial Corp now owns 1,187 shares of the company’s stock worth $79,000 after buying an additional 635 shares during the last quarter. 77.65% of the stock is currently owned by institutional investors.

SYY traded down $0.05 during trading on Friday, reaching $72.47. The company’s stock had a trading volume of 318,169 shares, compared to its average volume of 2,489,582. SYSCO Co. has a 52-week low of $59.44 and a 52-week high of $75.98. The firm has a market capitalization of $37.42 billion, a PE ratio of 23.08, a P/E/G ratio of 2.10 and a beta of 0.55. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 3.44.

SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.79 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $14.66 billion for the quarter, compared to analyst estimates of $14.78 billion. During the same quarter in the previous year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts predict that SYSCO Co. will post 3.5 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Wednesday, July 3rd. SYSCO’s dividend payout ratio is presently 49.68%.

A number of research firms recently issued reports on SYY. Morgan Stanley raised their price target on SYSCO from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Zacks Investment Research lowered SYSCO from a “buy” rating to a “hold” rating in a report on Thursday, April 11th. Loop Capital raised their price target on SYSCO to $80.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a report on Wednesday, May 29th. Finally, Pivotal Research reaffirmed a “sell” rating and issued a $58.00 price objective (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $74.21.

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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.

Further Reading: Special Dividends

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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