Ameriprise Financial Inc. Has $510.78 Million Stake in Sysco Corporation (SYY)
Ameriprise Financial Inc. boosted its stake in Sysco Corporation (NYSE:SYY) by 1.2% during the first quarter, Holdings Channel reports. The institutional investor owned 9,837,807 shares of the company’s stock after buying an additional 118,939 shares during the period. Ameriprise Financial Inc. owned approximately 1.82% of Sysco Corporation worth $510,776,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in SYY. Elgethun Capital Management purchased a new stake in Sysco Corporation during the fourth quarter valued at about $462,000. CLS Investments LLC boosted its stake in Sysco Corporation by 5.3% in the fourth quarter. CLS Investments LLC now owns 5,660 shares of the company’s stock valued at $313,000 after buying an additional 284 shares in the last quarter. Cipher Capital LP purchased a new stake in Sysco Corporation during the fourth quarter valued at about $1,438,000. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Sysco Corporation by 1.1% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 18,889 shares of the company’s stock valued at $1,046,000 after buying an additional 210 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in Sysco Corporation by 74.0% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 20,634 shares of the company’s stock valued at $1,143,000 after buying an additional 8,775 shares in the last quarter. 78.91% of the stock is currently owned by institutional investors.
Shares of Sysco Corporation (SYY) opened at 54.38 on Friday. The firm has a market capitalization of $29.10 billion, a PE ratio of 28.67 and a beta of 0.53. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The company has a 50 day moving average of $54.57 and a 200 day moving average of $53.66.
Sysco Corporation (NYSE:SYY) last released its earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. Sysco Corporation had a return on equity of 47.28% and a net margin of 1.93%. The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.14 billion. During the same quarter in the previous year, the business posted $0.46 EPS. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts anticipate that Sysco Corporation will post $2.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 7th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.43%. Sysco Corporation’s payout ratio is 69.47%.
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Several research firms have issued reports on SYY. BidaskClub cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Zacks Investment Research cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Barclays PLC reaffirmed an “equal weight” rating and set a $57.00 price target (up from $53.00) on shares of Sysco Corporation in a research note on Tuesday, May 9th. Royal Bank Of Canada raised their price target on shares of Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 9th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $51.00 price target (up from $50.00) on shares of Sysco Corporation in a research note on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $56.30.
In related news, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction that occurred on Wednesday, April 5th. The stock was sold at an average price of $51.66, for a total value of $805,896.00. Following the completion of the sale, the insider now owns 43,176 shares of the company’s stock, valued at approximately $2,230,472.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Daniel J. Brutto purchased 2,500 shares of the stock in a transaction that occurred on Friday, March 31st. The stock was purchased at an average cost of $51.94 per share, with a total value of $129,850.00. Following the purchase, the director now owns 3,968 shares in the company, valued at approximately $206,097.92. The disclosure for this purchase can be found here. In the last three months, insiders sold 144,600 shares of company stock valued at $7,798,428. 8.81% of the stock is currently owned by company 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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