Sandy Spring Bank Lowers Holdings in SYSCO Co. (NYSE:SYY)

Sandy Spring Bank decreased its holdings in SYSCO Co. (NYSE:SYY) by 3.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,833 shares of the company’s stock after selling 1,055 shares during the quarter. Sandy Spring Bank’s holdings in SYSCO were worth $1,897,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Advisors Preferred LLC purchased a new stake in shares of SYSCO during the 1st quarter worth about $26,000. Coastal Capital Group Inc. purchased a new stake in shares of SYSCO during the 2nd quarter worth about $29,000. Lenox Wealth Management Inc. grew its holdings in shares of SYSCO by 163.7% during the 1st quarter. Lenox Wealth Management Inc. now owns 480 shares of the company’s stock worth $32,000 after purchasing an additional 298 shares during the period. Cornerstone Advisors Inc. grew its holdings in shares of SYSCO by 40.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock worth $39,000 after purchasing an additional 166 shares during the period. Finally, Meridian Wealth Management LLC purchased a new stake in shares of SYSCO during the 2nd quarter worth about $44,000. Institutional investors own 78.30% of the company’s stock.

A number of brokerages have recently issued reports on SYY. Zacks Investment Research cut SYSCO from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a report on Tuesday, June 11th. Pivotal Research reiterated a “sell” rating and set a $58.00 target price (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Buckingham Research boosted their target price on SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research report on Monday. Finally, ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a research report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $74.48.

SYSCO stock traded up $0.18 during midday trading on Thursday, hitting $72.46. 34,546 shares of the company were exchanged, compared to its average volume of 3,097,832. The stock has a fifty day simple moving average of $70.87. The company has a market cap of $37.10 billion, a P/E ratio of 20.44, a PEG ratio of 1.92 and a beta of 0.52. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 3.44. SYSCO Co. has a fifty-two week low of $59.44 and a fifty-two week high of $75.98.

SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, August 12th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.07 by $0.03. SYSCO had a return on equity of 77.71% and a net margin of 2.79%. The firm had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. During the same period in the previous year, the company posted $0.94 EPS. SYSCO’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, sell-side analysts predict that SYSCO Co. will post 3.78 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s payout ratio is 43.94%.

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.

Further Reading: Margin

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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