Putnam FL Investment Management Co. cut its stake in SYSCO Co. (NYSE:SYY) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,420 shares of the company’s stock after selling 1,209 shares during the quarter. Putnam FL Investment Management Co.’s holdings in SYSCO were worth $3,424,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Advisors Preferred LLC purchased a new position in SYSCO in the 1st quarter valued at about $26,000. Lenox Wealth Management Inc. lifted its stake in SYSCO by 163.7% in the 1st quarter. Lenox Wealth Management Inc. now owns 480 shares of the company’s stock valued at $32,000 after buying an additional 298 shares in the last quarter. Sageworth Trust Co purchased a new position in SYSCO in the 1st quarter valued at about $36,000. WP Advisors LLC purchased a new position in SYSCO in the 1st quarter valued at about $39,000. Finally, Cornerstone Advisors Inc. lifted its stake in SYSCO by 40.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock valued at $39,000 after buying an additional 166 shares in the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on SYY shares. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. cut their price objective on shares of SYSCO from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Consumer Edge initiated coverage on shares of SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price objective for the company. Pivotal Research reiterated 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. Finally, Buckingham Research increased their price objective on shares of SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. SYSCO has a consensus rating of “Hold” and a consensus price target of $73.63.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, May 6th. The company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. The company had revenue of $14.66 billion during the quarter, compared to the consensus estimate of $14.78 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. SYSCO’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. On average, research analysts forecast that SYSCO Co. will post 3.5 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.29%. SYSCO’s dividend payout ratio is currently 49.68%.
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.
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