O Brien Greene & Co. Inc reduced its stake in shares of Sysco Co. (NYSE:SYY) by 6.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,426 shares of the company’s stock after selling 900 shares during the quarter. O Brien Greene & Co. Inc’s holdings in Sysco were worth $1,058,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. First Trust Advisors LP lifted its holdings in shares of Sysco by 20.5% during the 4th quarter. First Trust Advisors LP now owns 75,178 shares of the company’s stock worth $5,583,000 after acquiring an additional 12,780 shares during the period. CIBC Asset Management Inc lifted its stake in Sysco by 9.3% during the fourth quarter. CIBC Asset Management Inc now owns 54,114 shares of the company’s stock worth $4,019,000 after purchasing an additional 4,610 shares during the last quarter. Prio Wealth Limited Partnership boosted its holdings in shares of Sysco by 2.3% in the 4th quarter. Prio Wealth Limited Partnership now owns 40,518 shares of the company’s stock valued at $3,009,000 after purchasing an additional 900 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Sysco by 4.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 24,598 shares of the company’s stock valued at $1,827,000 after purchasing an additional 995 shares during the last quarter. Finally, Maryland State Retirement & Pension System acquired a new position in shares of Sysco during the 4th quarter worth $568,000. Institutional investors own 79.37% of the company’s stock.
In related news, Director Joshua D. Frank sold 650,000 shares of the company’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $79.56, for a total transaction of $51,714,000.00. Following the transaction, the director now directly owns 4,840 shares of the company’s stock, valued at approximately $385,070.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joshua D. Frank sold 160,000 shares of the stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $81.73, for a total value of $13,076,800.00. Following the completion of the transaction, the director now owns 4,840 shares in the company, valued at approximately $395,573.20. The disclosure for this sale can be found here. Insiders sold a total of 1,167,884 shares of company stock valued at $93,808,035 in the last quarter. 5.17% of the stock is currently owned by company insiders.
Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, May 4th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $11.82 billion for the quarter, compared to analyst estimates of $12.02 billion. Sysco had a positive return on equity of 17.14% and a negative net margin of 0.56%. The business’s revenue was down 13.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. Analysts predict that Sysco Co. will post 1.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 23rd. Stockholders of record on Friday, July 2nd will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.37%. This is an increase from Sysco’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, July 1st. Sysco’s payout ratio is currently 89.55%.
SYY has been the topic of several research analyst reports. Barclays raised their price objective on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 21st. Piper Sandler lifted their price target on shares of Sysco from $82.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, March 18th. Morgan Stanley increased their price objective on shares of Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, May 24th. JPMorgan Chase & Co. boosted their target price on shares of Sysco from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Finally, Wells Fargo & Company increased their price target on Sysco from $89.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, April 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $85.38.
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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.
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