ETRADE Capital Management LLC raised its holdings in shares of SYSCO Co. (NYSE:SYY) by 291.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,415 shares of the company’s stock after acquiring an additional 12,965 shares during the quarter. ETRADE Capital Management LLC’s holdings in SYSCO were worth $952,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Balentine LLC acquired a new stake in SYSCO in the first quarter worth approximately $31,000. Financial Management Professionals Inc. bought a new stake in SYSCO during the second quarter worth $32,000. Key Financial Inc purchased a new position in SYSCO in the first quarter worth $34,000. FinTrust Capital Advisors LLC grew its stake in SYSCO by 105.2% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,028 shares of the company’s stock valued at $47,000 after purchasing an additional 527 shares during the period. Finally, Shine Investment Advisory Services Inc. increased its position in shares of SYSCO by 369.9% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 874 shares of the company’s stock valued at $48,000 after purchasing an additional 688 shares during the last quarter. Institutional investors and hedge funds own 79.58% of the company’s stock.
SYY traded down $0.58 during midday trading on Friday, reaching $59.79. The company had a trading volume of 43,461 shares, compared to its average volume of 3,263,114. The business has a 50-day moving average of $56.99 and a two-hundred day moving average of $55.13. The company has a market cap of $30.94 billion, a P/E ratio of 157.50, a P/E/G ratio of 2.97 and a beta of 1.23. SYSCO Co. has a 1 year low of $26.00 and a 1 year high of $85.98. The company has a quick ratio of 1.38, a current ratio of 1.84 and a debt-to-equity ratio of 11.14.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.01. SYSCO had a return on equity of 50.53% and a net margin of 0.41%. The company had revenue of $8.87 billion during the quarter, compared to analyst estimates of $10.12 billion. During the same quarter last year, the business posted $1.10 earnings per share. The firm’s revenue was down 42.7% on a year-over-year basis. On average, equities research analysts predict that SYSCO Co. will post 1.86 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Thursday, October 1st. SYSCO’s payout ratio is 89.55%.
In related news, Director Nancy Newcomb sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $60.38, for a total value of $603,800.00. Following the completion of the transaction, the director now directly owns 61,873 shares in the company, valued at approximately $3,735,891.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Greg D. Bertrand sold 1,134 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $57.95, for a total transaction of $65,715.30. Following the sale, the executive vice president now directly owns 38,403 shares in the company, valued at $2,225,453.85. The disclosure for this sale can be found here. Corporate insiders own 5.24% of the company’s stock.
SYY has been the subject of several recent research reports. Credit Suisse Group initiated coverage on SYSCO in a research report on Wednesday, August 5th. They issued a “buy” rating and a $65.00 price target for the company. JPMorgan Chase & Co. upped their target price on SYSCO from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Piper Sandler reissued a “buy” rating and set a $64.00 price target on shares of SYSCO in a research note on Wednesday, July 1st. BMO Capital Markets upped their price target on shares of SYSCO from $51.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, August 12th. Finally, Wells Fargo & Co raised SYSCO from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $50.00 to $70.00 in a research note on Friday, June 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $70.30.
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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