Palisade Asset Management LLC Has $2.18 Million Position in Sysco Co. (NYSE:SYY)

Palisade Asset Management LLC cut its holdings in shares of Sysco Co. (NYSE:SYY) by 4.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,976 shares of the company’s stock after selling 1,425 shares during the period. Palisade Asset Management LLC’s holdings in Sysco were worth $2,184,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. increased its holdings in 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 purchasing an additional 1,782,180 shares during the period. Diamond Hill Capital Management Inc. raised its position in shares of Sysco by 11.2% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock worth $521,874,000 after acquiring an additional 672,940 shares during the last quarter. Primecap Management Co. CA lifted its stake in shares of Sysco by 9.7% in the third quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock worth $374,410,000 after acquiring an additional 422,954 shares during the period. Montrusco Bolton Investments Inc. boosted its holdings in Sysco by 8.5% in the third quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock valued at $366,789,000 after acquiring an additional 375,409 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in Sysco by 103.0% during the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after purchasing an additional 2,408,226 shares during the last quarter. 83.41% of the stock is owned by institutional investors.

Insider Buying and Selling at Sysco

In other news, SVP Eve M. Mcfadden sold 4,036 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at $3,638,670.10. This represents a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Sheila Talton sold 2,900 shares of Sysco stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $74.63, for a total value of $216,427.00. Following the sale, the director now owns 12,955 shares in the company, valued at $966,831.65. This trade represents a 18.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on SYY. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company lowered their price objective on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Barclays lifted their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Jefferies Financial Group increased their price target on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.77.

Sysco Stock Up 0.9 %

Sysco stock opened at $75.79 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. The firm’s fifty day moving average price is $75.69 and its two-hundred day moving average price is $74.74. The firm has a market capitalization of $37.23 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20. Sysco Co. has a 1-year low of $69.03 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). The company had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.47 billion. Sysco had a net margin of 2.44% and a return on equity of 101.04%. Sysco’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. On average, equities research analysts predict that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 3rd will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Friday, January 3rd. Sysco’s payout ratio is currently 52.44%.

About Sysco

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.