Gulf International Bank UK Ltd reduced its stake in Sysco Co. (NYSE:SYY) by 0.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 98,864 shares of the company’s stock after selling 150 shares during the period. Gulf International Bank UK Ltd’s holdings in Sysco were worth $7,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Sysco by 2.3% in the first quarter. Geode Capital Management LLC now owns 7,255,075 shares of the company’s stock valued at $569,465,000 after acquiring an additional 162,208 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Sysco by 61.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,441,428 shares of the company’s stock valued at $507,197,000 after buying an additional 2,457,144 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Sysco by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 4,929,844 shares of the company’s stock valued at $383,295,000 after buying an additional 320,908 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Sysco by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 4,728,293 shares of the company’s stock valued at $372,306,000 after buying an additional 161,578 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Sysco by 15.0% during the 1st quarter. Ameriprise Financial Inc. now owns 3,826,527 shares of the company’s stock valued at $301,331,000 after purchasing an additional 497,991 shares during the period. Institutional investors and hedge funds own 79.81% of the company’s stock.
Several analysts have recently commented on SYY shares. UBS Group started coverage on shares of Sysco in a research report on Thursday, July 29th. They set a “buy” rating and a $89.00 price objective for the company. Barclays lifted their price target on shares of Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, May 21st. Finally, Morgan Stanley raised their price objective on Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, May 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Sysco presently has an average rating of “Hold” and a consensus target price of $85.78.
Sysco (NYSE:SYY) last announced its quarterly earnings results on Monday, August 9th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.11. Sysco had a return on equity of 52.19% and a net margin of 1.02%. The business had revenue of $16.14 billion for the quarter, compared to the consensus estimate of $14.65 billion. During the same period last year, the business posted ($0.29) EPS. The business’s revenue was up 82.0% compared to the same quarter last year. Sell-side analysts predict that Sysco Co. will post 3.49 earnings per share for the current fiscal year.
The company also recently declared a dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a yield of 2.4%. Sysco’s payout ratio is presently 130.56%.
In other Sysco news, EVP Greg D. Bertrand sold 7,230 shares of the business’s stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $80.00, for a total transaction of $578,400.00. Following the sale, the executive vice president now owns 32,238 shares in the company, valued at approximately $2,579,040. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.17% of the stock is currently owned by insiders.
Sysco Corp. engages in selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments. It operates through the following segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other. The U.S. Foodservice Operations consists of U.S.
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