Pinnacle Bank reduced its stake in SYSCO Co. (NYSE:SYY) by 10.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,560 shares of the company’s stock after selling 300 shares during the period. Pinnacle Bank’s holdings in SYSCO were worth $140,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of SYY. TFG Advisers LLC purchased a new stake in shares of SYSCO in the fourth quarter valued at approximately $34,000. Lloyd Advisory Services LLC. purchased a new position in SYSCO during the 4th quarter worth $41,000. Westside Investment Management Inc. bought a new stake in SYSCO during the 1st quarter valued at $29,000. Balentine LLC purchased a new stake in shares of SYSCO in the 1st quarter worth $31,000. Finally, Key Financial Inc purchased a new stake in shares of SYSCO in the 1st quarter worth $34,000. 79.41% of the stock is currently owned by institutional investors and hedge funds.
SYY traded down $0.09 during trading hours on Tuesday, reaching $53.67. The company’s stock had a trading volume of 1,643,390 shares, compared to its average volume of 4,597,905. The stock has a market cap of $27.44 billion, a PE ratio of 20.28, a P/E/G ratio of 2.16 and a beta of 1.12. SYSCO Co. has a fifty-two week low of $26.00 and a fifty-two week high of $85.98. The company has a debt-to-equity ratio of 5.21, a current ratio of 1.49 and a quick ratio of 0.93. The business’s 50-day moving average is $55.11 and its 200-day moving average is $62.89.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.08). The business had revenue of $13.70 billion for the quarter, compared to analysts’ expectations of $14.04 billion. SYSCO had a return on equity of 73.70% and a net margin of 2.30%. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 earnings per share. Analysts expect that SYSCO Co. will post 1.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Wednesday, July 1st. SYSCO’s dividend payout ratio (DPR) is presently 50.70%.
In other SYSCO news, Director Trian Fund Management, L.P. bought 703,700 shares of SYSCO stock in a transaction on Monday, May 18th. The shares were bought at an average cost of $51.38 per share, for a total transaction of $36,156,106.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joshua D. Frank acquired 600,000 shares of SYSCO stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $47.42 per share, for a total transaction of $28,452,000.00. The disclosure for this purchase can be found here. 5.24% of the stock is owned by company insiders.
SYY has been the subject of several recent research reports. Zacks Investment Research downgraded SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price objective for the company. in a report on Saturday, May 2nd. Credit Suisse Group reduced their price target on shares of SYSCO from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Jefferies Financial Group dropped their price objective on shares of SYSCO from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. BMO Capital Markets downgraded shares of SYSCO from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $88.00 to $51.00 in a research note on Thursday, April 23rd. Finally, Wells Fargo & Co upgraded SYSCO from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $50.00 to $70.00 in a report on Friday, June 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $69.56.
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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