Pennsylvania Trust Co raised its stake in SYSCO Co. (NYSE:SYY) by 20.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,563 shares of the company’s stock after acquiring an additional 13,972 shares during the period. Pennsylvania Trust Co’s holdings in SYSCO were worth $6,977,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of SYSCO by 1.3% during the second quarter. Vanguard Group Inc. now owns 44,414,289 shares of the company’s stock worth $3,140,979,000 after purchasing an additional 551,581 shares during the period. BlackRock Inc. grew its stake in SYSCO by 3.3% in the second quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock valued at $2,201,542,000 after purchasing an additional 1,004,706 shares in the last quarter. State Street Corp lifted its holdings in SYSCO by 6.3% during the 3rd quarter. State Street Corp now owns 26,747,724 shares of the company’s stock worth $2,123,769,000 after purchasing an additional 1,590,356 shares during the last quarter. Trian Fund Management L.P. lifted its holdings in SYSCO by 2.1% during the 2nd quarter. Trian Fund Management L.P. now owns 23,671,603 shares of the company’s stock worth $1,674,056,000 after purchasing an additional 489,566 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in SYSCO by 4.9% during the 3rd quarter. California Public Employees Retirement System now owns 3,791,535 shares of the company’s stock worth $301,048,000 after purchasing an additional 177,287 shares during the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.
SYY has been the subject of several research reports. Loop Capital lifted their price target on SYSCO to $86.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America lifted their price target on SYSCO from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $90.00 price target (down from $94.00) on shares of SYSCO in a report on Tuesday. Piper Jaffray Companies initiated coverage on SYSCO in a report on Thursday, December 12th. They set an “overweight” rating and a $94.00 price target for the company. Finally, ValuEngine cut SYSCO from a “hold” rating to a “sell” rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.13.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, November 4th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. SYSCO had a return on equity of 79.60% and a net margin of 2.82%. The firm had revenue of $15.30 billion for the quarter, compared to analyst estimates 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. As a group, analysts anticipate that SYSCO Co. will post 3.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be issued a $0.45 dividend. The ex-dividend date is Thursday, January 2nd. This is a positive change from SYSCO’s previous quarterly dividend of $0.39. This represents a $1.80 annualized dividend and a dividend yield of 2.17%. SYSCO’s dividend payout ratio is currently 50.70%.
In other SYSCO news, CEO Thomas Bene sold 39,384 shares of SYSCO stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 132,929 shares of the company’s stock, valued at approximately $10,634,320. The transaction 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 SYSCO stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 46,087 shares in the company, valued at $3,706,777.41. The disclosure for this sale can be found here. Over the last three months, insiders have sold 227,412 shares of company stock valued at $18,867,462. 5.24% of the stock is 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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