Palisade Asset Management LLC lowered its stake in shares of SYSCO Co. (NYSE:SYY) by 1.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 116,679 shares of the company’s stock after selling 1,395 shares during the period. SYSCO makes up 1.3% of Palisade Asset Management LLC’s investment portfolio, making the stock its 29th biggest holding. Palisade Asset Management LLC’s holdings in SYSCO were worth $8,252,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in SYY. Advisors Preferred LLC acquired a new position in SYSCO in the first quarter worth about $26,000. Lenox Wealth Management Inc. grew its stake in SYSCO by 163.7% during the first quarter. Lenox Wealth Management Inc. now owns 480 shares of the company’s stock worth $32,000 after buying an additional 298 shares during the last quarter. Sageworth Trust Co bought a new stake in SYSCO during the first quarter worth about $36,000. WP Advisors LLC bought a new stake in SYSCO during the first quarter worth about $39,000. Finally, Cornerstone Advisors Inc. grew its stake in SYSCO by 40.4% during the first quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock worth $39,000 after buying an additional 166 shares during the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on SYY shares. Morgan Stanley increased their price target on shares of SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th. Pivotal Research reissued a “sell” rating and set a $58.00 price target (up from $54.00) on shares of SYSCO in a research note on Tuesday, May 7th. JPMorgan Chase & Co. decreased their price target on shares of SYSCO from $77.00 to $75.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Loop Capital increased their price target on shares of SYSCO to $80.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $73.63.
SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.09. The business had revenue of $14.66 billion for the quarter, compared to analyst estimates of $14.78 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.67 earnings per share. As a group, analysts expect that SYSCO Co. will post 3.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s dividend payout ratio (DPR) is currently 49.68%.
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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