Hexavest Inc. reduced its position in shares of SYSCO Co. (NYSE:SYY) by 5.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 891,794 shares of the company’s stock after selling 53,412 shares during the period. SYSCO comprises approximately 0.9% of Hexavest Inc.’s holdings, making the stock its 27th largest holding. Hexavest Inc. owned about 0.17% of SYSCO worth $76,284,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Private Trust Co. NA increased its holdings in shares of SYSCO by 3.1% during the 3rd quarter. Private Trust Co. NA now owns 8,674 shares of the company’s stock valued at $688,000 after acquiring an additional 260 shares during the last quarter. Bath Savings Trust Co lifted its holdings in shares of SYSCO by 13.2% during the 3rd quarter. Bath Savings Trust Co now owns 40,667 shares of the company’s stock worth $3,229,000 after acquiring an additional 4,747 shares during the last quarter. Chevy Chase Trust Holdings Inc. lifted its holdings in shares of SYSCO by 8.5% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 431,041 shares of the company’s stock worth $34,224,000 after acquiring an additional 33,869 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of SYSCO by 1.2% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 265,181 shares of the company’s stock worth $21,055,000 after acquiring an additional 3,212 shares during the last quarter. Finally, Prudential PLC lifted its holdings in shares of SYSCO by 88.5% during the 2nd quarter. Prudential PLC now owns 33,408 shares of the company’s stock worth $2,363,000 after acquiring an additional 15,684 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently issued reports on SYY shares. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price objective (down from $94.00) on shares of SYSCO in a report on Tuesday. Loop Capital boosted their price target on shares of SYSCO to $86.00 and gave the company a “buy” rating in a report on Friday, October 25th. BMO Capital Markets boosted their target price on shares of SYSCO to $88.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Bank of America boosted their target price on shares of SYSCO from $76.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, ValuEngine downgraded shares of SYSCO from a “hold” rating to a “sell” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $79.13.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. SYSCO had a return on equity of 79.60% and a net margin of 2.82%. The business had revenue of $15.30 billion during the quarter, compared to the consensus estimate of $15.53 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business’s revenue was up .6% on a year-over-year basis. Research analysts predict that SYSCO Co. will post 3.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 3rd will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.16%. This is a positive change from SYSCO’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Thursday, January 2nd. SYSCO’s dividend payout ratio is presently 50.70%.
In other news, CEO Thomas Bene sold 39,384 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.00, for a total transaction of $3,150,720.00. Following the transaction, the chief executive officer now owns 132,929 shares of the company’s stock, valued at approximately $10,634,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert S. Charlton sold 28,948 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $80.43, for a total value of $2,328,287.64. Following the transaction, the executive vice president now directly owns 46,087 shares in the company, valued at approximately $3,706,777.41. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 227,412 shares of company stock worth $18,867,462. 5.24% of the stock is currently owned by corporate insiders.
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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