Sysco Co. (NYSE:SYY) Shares Sold by Grimes & Company Inc.

Grimes & Company Inc. lowered its stake in shares of Sysco Co. (NYSE:SYY) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,046 shares of the company’s stock after selling 421 shares during the quarter. Grimes & Company Inc.’s holdings in Sysco were worth $1,253,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SYY. Capital Research Global Investors increased its holdings in shares of Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after acquiring an additional 3,504,740 shares in the last quarter. ProShare Advisors LLC boosted its position in Sysco by 103.0% in the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after buying an additional 2,408,226 shares during the last quarter. Swedbank AB purchased a new stake in Sysco in the first quarter valued at approximately $178,824,000. Diamond Hill Capital Management Inc. boosted its position in 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 during the last quarter. Finally, Ameriprise Financial Inc. boosted its position 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 buying an additional 1,782,180 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Trading Down 0.3 %

Shares of NYSE:SYY opened at $74.37 on Friday. Sysco Co. has a 1 year low of $64.28 and a 1 year high of $82.89. The firm has a market capitalization of $36.53 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 1.95 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The business’s 50 day moving average price is $76.51 and its 200-day moving average price is $74.82.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (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 firm had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same quarter last year, the firm posted $1.34 EPS. The business’s revenue was up 4.2% on a year-over-year basis. On average, equities research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 52.44%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Bank of America dropped their target price on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Morgan Stanley dropped their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. JPMorgan Chase & Co. upped their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, Jefferies Financial Group upped their price objective on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.08.

Sysco Company Profile

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.