Trade Report: Today, British Columbia Investment Management Corp Cuts Stake in Sysco Corp. (SYY)

Today, British Columbia Investment Management Corp Cuts Stake in Sysco Corp. (SYY)

British Columbia Investment Management Corp cut its stake in shares of Sysco Corp. (NYSE:SYY) by 19.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,651 shares of the company’s stock after selling 54,606 shares during the period. British Columbia Investment Management Corp’s holdings in Sysco Corp. were worth $11,402,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SYY. Chevy Chase Trust Holdings Inc. raised its position in Sysco Corp. by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 454,695 shares of the company’s stock valued at $23,072,000 after buying an additional 4,851 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its position in Sysco Corp. by 6.1% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 135,656 shares of the company’s stock valued at $6,883,000 after buying an additional 7,812 shares in the last quarter. DNB Asset Management AS raised its position in Sysco Corp. by 33.2% in the second quarter. DNB Asset Management AS now owns 68,958 shares of the company’s stock valued at $3,499,000 after buying an additional 17,200 shares in the last quarter. NEXT Financial Group Inc raised its position in Sysco Corp. by 51.6% in the second quarter. NEXT Financial Group Inc now owns 8,743 shares of the company’s stock valued at $443,000 after buying an additional 2,975 shares in the last quarter. Finally, Baxter Bros Inc. acquired a new position in Sysco Corp. during the second quarter valued at about $3,397,000. 76.18% of the stock is owned by institutional investors.

Sysco Corp. (NYSE:SYY) traded up 0.69% during midday trading on Friday, hitting $53.93. The company’s stock had a trading volume of 1,262,884 shares. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $54.66. The firm has a market cap of $29.50 billion, a P/E ratio of 29.83 and a beta of 0.49. The company’s 50 day moving average price is $50.19 and its 200 day moving average price is $50.43.

Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. Sysco Corp. had a net margin of 1.99% and a return on equity of 35.49%. The firm earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. During the same period last year, the business earned $0.52 earnings per share. The business’s revenue was up 11.2% on a year-over-year basis. Analysts expect that Sysco Corp. will post $2.43 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.45%. This is an increase from Sysco Corp.’s previous quarterly dividend of $0.31. Sysco Corp.’s dividend payout ratio (DPR) is 68.13%.

Several equities analysts have recently issued reports on the company. BMO Capital Markets set a $56.00 target price on Sysco Corp. and gave the company a “hold” rating in a report on Wednesday, November 9th. Barclays PLC raised Sysco Corp. from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $53.00 in a report on Wednesday, November 9th. They noted that the move was a valuation call. Credit Suisse Group AG lowered Sysco Corp. from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $59.00 to $55.00 in a report on Wednesday, November 16th. Bank of America Corp. raised Sysco Corp. from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Tuesday, November 8th. Finally, Pivotal Research upped their target price on Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a report on Tuesday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $52.63.

In related news, SVP Greg D. Bertrand sold 7,382 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $53.50, for a total transaction of $394,937.00. Following the completion of the sale, the senior vice president now owns 38,272 shares of the company’s stock, valued at $2,047,552. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Greg D. Bertrand sold 16,500 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $50.79, for a total transaction of $838,035.00. Following the sale, the senior vice president now directly owns 57,491 shares of the company’s stock, valued at approximately $2,919,967.89. The disclosure for this sale can be found here. Corporate insiders own 8.81% of the company’s stock.

Sysco Corp. Company Profile

Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.

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