Kernodle & Katon Asset Management Group LLC raised its stake in Sysco Corporation (NYSE:SYY) by 16.1% during the third quarter, Holdings Channel reports. The firm owned 26,360 shares of the company’s stock after buying an additional 3,660 shares during the period. Kernodle & Katon Asset Management Group LLC’s holdings in Sysco Corporation were worth $1,292,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of SYY. Spectrum Management Group Inc. raised its position in shares of Sysco Corporation by 218.2% in the second quarter. Spectrum Management Group Inc. now owns 5,585 shares of the company’s stock valued at $283,000 after buying an additional 3,830 shares during the period. Cypress Capital Management LLC WY purchased a new position in shares of Sysco Corporation during the second quarter valued at $162,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its position in shares of Sysco Corporation by 207.9% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 308,273 shares of the company’s stock valued at $15,626,000 after buying an additional 208,151 shares during the period. DT Investment Partners LLC raised its position in shares of Sysco Corporation by 17.1% in the second quarter. DT Investment Partners LLC now owns 29,783 shares of the company’s stock valued at $1,511,000 after buying an additional 4,344 shares during the period. Finally, Moody Lynn & Lieberson LLC raised its position in shares of Sysco Corporation by 28.1% in the second quarter. Moody Lynn & Lieberson LLC now owns 212,158 shares of the company’s stock valued at $10,765,000 after buying an additional 46,580 shares during the period. Institutional investors and hedge funds own 77.36% of the company’s stock.
Shares of Sysco Corporation (NYSE:SYY) opened at 52.62 on Friday. Sysco Corporation has a 12 month low of $42.05 and a 12 month high of $57.07. The stock’s 50 day moving average price is $53.99 and its 200-day moving average price is $52.05. The stock has a market capitalization of $28.43 billion, a price-to-earnings ratio of 28.69 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings results on Monday, February 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.54 by $0.04. Sysco Corporation had a net margin of 1.94% and a return on equity of 40.85%. The business had revenue of $13.50 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same period in the previous year, the company posted $0.45 EPS. Sysco Corporation’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Sysco Corporation will post $2.48 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 27th. Stockholders of record on Friday, January 6th were issued a dividend of $0.33 per share. This is a boost from Sysco Corporation’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Wednesday, January 4th. Sysco Corporation’s payout ratio is currently 71.74%.
Several research analysts recently weighed in on SYY shares. Zacks Investment Research lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, January 10th. Credit Suisse Group lowered Sysco Corporation from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $59.00 to $55.00 in a research report on Wednesday, November 16th. Bank of America Corporation raised Sysco Corporation from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Tuesday, November 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $47.00 target price on shares of Sysco Corporation in a research report on Thursday, February 2nd. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Sysco Corporation in a research report on Tuesday, February 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.35.
In other news, CFO Joel T. Grade sold 24,128 shares of the business’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $53.49, for a total transaction of $1,290,606.72. Following the transaction, the chief financial officer now directly owns 61,563 shares in the company, valued at approximately $3,293,004.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $54.96, for a total transaction of $1,648,800.00. Following the transaction, the chief executive officer now owns 406,725 shares in the company, valued at $22,353,606. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,544 shares of company stock worth $11,215,799. 8.81% of the stock is currently owned by corporate insiders.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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