Jennison Associates LLC lowered its position in SYSCO Co. (NYSE:SYY) by 28.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,007 shares of the company’s stock after selling 4,479 shares during the period. Jennison Associates LLC’s holdings in SYSCO were worth $778,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Stone Ridge Asset Management LLC boosted its holdings in SYSCO by 17.7% in the second quarter. Stone Ridge Asset Management LLC now owns 44,611 shares of the company’s stock worth $3,155,000 after acquiring an additional 6,700 shares in the last quarter. Western Wealth Management LLC bought a new position in SYSCO in the second quarter worth approximately $490,000. Advisors Preferred LLC boosted its holdings in SYSCO by 6,421.9% in the second quarter. Advisors Preferred LLC now owns 25,305 shares of the company’s stock worth $1,788,000 after acquiring an additional 24,917 shares in the last quarter. Enterprise Trust & Investment Co bought a new position in SYSCO in the second quarter worth approximately $417,000. Finally, Pinkerton Retirement Specialists LLC boosted its holdings in SYSCO by 1.0% in the second quarter. Pinkerton Retirement Specialists LLC now owns 48,590 shares of the company’s stock worth $3,436,000 after acquiring an additional 466 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.
SYY stock opened at $74.49 on Friday. SYSCO Co. has a twelve month low of $59.44 and a twelve month high of $75.75. The company has a quick ratio of 0.81, a current ratio of 1.33 and a debt-to-equity ratio of 3.25. The stock’s 50 day moving average is $71.45 and its 200-day moving average is $70.14. The firm has a market capitalization of $37.91 billion, a PE ratio of 20.98, a P/E/G ratio of 2.05 and a beta of 0.52.
SYSCO (NYSE:SYY) last posted its earnings results on Monday, August 12th. The company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The company had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. During the same quarter last year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities research analysts anticipate that SYSCO Co. will post 3.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued 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 dividend yield of 2.09%. SYSCO’s dividend payout ratio is presently 43.94%.
Several research analysts have issued reports on the company. Wells Fargo & Co reiterated a “buy” rating on shares of SYSCO in a report on Monday, August 12th. Credit Suisse Group increased their price target on SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Consumer Edge assumed coverage on SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price target on the stock. JPMorgan Chase & Co. increased their price target on SYSCO from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Finally, ValuEngine upgraded SYSCO from a “hold” rating to a “buy” rating in a report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $73.60.
In related news, Director Hans-Joachim Koerber sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $73.35, for a total transaction of $733,500.00. Following the completion of the sale, the director now directly owns 52,872 shares of the company’s stock, valued at $3,878,161.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.88% of the company’s stock.
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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