Wetherby Asset Management Inc. lifted its position in SYSCO Co. (NYSE:SYY) by 4.4% in the second quarter, Holdings Channel reports. The firm owned 15,994 shares of the company’s stock after acquiring an additional 677 shares during the period. Wetherby Asset Management Inc.’s holdings in SYSCO were worth $1,131,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. 6 Meridian lifted its position in SYSCO by 1.8% during the 2nd quarter. 6 Meridian now owns 7,760 shares of the company’s stock worth $549,000 after acquiring an additional 140 shares during the period. Security National Trust Co. lifted its position in SYSCO by 6.4% during the 1st quarter. Security National Trust Co. now owns 2,500 shares of the company’s stock worth $167,000 after acquiring an additional 150 shares during the period. Mitchell Mcleod Pugh & Williams Inc. lifted its position in SYSCO by 3.4% during the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 4,623 shares of the company’s stock worth $327,000 after acquiring an additional 150 shares during the period. Cornerstone Advisors Inc. lifted its position in SYSCO by 27.0% during the 2nd quarter. Cornerstone Advisors Inc. now owns 733 shares of the company’s stock worth $52,000 after acquiring an additional 156 shares during the period. Finally, Cable Hill Partners LLC lifted its position in SYSCO by 11.8% during the 1st quarter. Cable Hill Partners LLC now owns 1,520 shares of the company’s stock worth $101,000 after acquiring an additional 161 shares during the period. 77.71% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on SYY. Consumer Edge began coverage on SYSCO in a research report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price objective for the company. Morgan Stanley increased their price objective on SYSCO from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Zacks Investment Research cut SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a research report on Tuesday, June 11th. Pivotal Research reaffirmed a “sell” rating and set a $58.00 price objective (up from $54.00) on shares of SYSCO in a research report on Tuesday, May 7th. Finally, Loop Capital increased their price objective on SYSCO to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $73.63.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, May 6th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.09. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The firm had revenue of $14.66 billion during the quarter, compared to the consensus estimate of $14.78 billion. During the same period last year, the business posted $0.67 EPS. SYSCO’s quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that SYSCO Co. will post 3.5 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s payout ratio 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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