Wedge Capital Management L L P NC Cuts Stock Position in Sysco Co. (NYSE:SYY)

by · The Cerbat Gem

Wedge Capital Management L L P NC cut its holdings in Sysco Co. (NYSE:SYY – Free Report) by 11.7% in the third quarter, Holdings Channel reports. The institutional investor owned 155,485 shares of the company’s stock after selling 20,685 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Sysco were worth $12,137,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Capital World Investors increased its position in shares of Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after buying an additional 1,637,232 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Sysco by 26.1% in the second quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after buying an additional 1,782,180 shares in the last quarter. Capital Research Global Investors increased its position in shares of Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after buying an additional 3,504,740 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Sysco by 49.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after buying an additional 1,997,895 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Sysco by 103.0% in the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after acquiring an additional 2,408,226 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Stock Performance

NYSE SYY opened at $75.26 on Tuesday. The stock’s fifty day moving average is $76.54 and its two-hundred day moving average is $74.99. The firm has a market capitalization of $36.97 billion, a P/E ratio of 19.35, a price-to-earnings-growth ratio of 1.92 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco Co. has a fifty-two week low of $63.18 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY – Get Free Report) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. During the same quarter in the previous year, the business earned $1.34 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, research analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.71%. Sysco’s dividend payout ratio is currently 52.44%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYY. Barclays lifted their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley lowered their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Bank of America lowered their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. JPMorgan Chase & Co. lifted their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.08.

Check Out Our Latest Report on Sysco

About Sysco

(Free Report)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.

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