Tower Research Capital LLC TRC Grows Position in SYSCO Co. (NYSE:SYY)
Tower Research Capital LLC TRC grew its position in shares of SYSCO Co. (NYSE:SYY) by 2,426.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,104 shares of the company’s stock after purchasing an additional 9,704 shares during the period. Tower Research Capital LLC TRC’s holdings in SYSCO were worth $690,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in SYY. LSV Asset Management acquired a new stake in SYSCO in the first quarter valued at $485,000. Rockefeller Capital Management L.P. purchased a new position in shares of SYSCO during the first quarter worth about $495,000. Cetera Advisor Networks LLC grew its holdings in shares of SYSCO by 14.7% during the first quarter. Cetera Advisor Networks LLC now owns 18,669 shares of the company’s stock worth $1,116,000 after purchasing an additional 2,397 shares during the last quarter. BlackRock Inc. grew its holdings in shares of SYSCO by 0.4% during the first quarter. BlackRock Inc. now owns 32,440,586 shares of the company’s stock worth $1,945,140,000 after purchasing an additional 142,047 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of SYSCO by 10.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 29,076 shares of the company’s stock worth $1,744,000 after purchasing an additional 2,776 shares during the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
Shares of SYSCO stock traded up $0.33 during trading on Friday, hitting $68.82. 2,147,497 shares of the company were exchanged, compared to its average volume of 2,697,732. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74. SYSCO Co. has a fifty-two week low of $52.30 and a fifty-two week high of $75.98. The company has a market capitalization of $38.07 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.98 and a beta of 0.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be paid a $0.36 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.44 annualized dividend and a yield of 2.09%. SYSCO’s payout ratio is currently 45.86%.
In related news, SVP Brian R. Todd sold 9,147 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the completion of the sale, the senior vice president now directly owns 11,747 shares of the company’s stock, valued at approximately $867,163.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard G. Tilghman sold 5,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $73.71, for a total transaction of $368,550.00. Following the sale, the director now directly owns 61,137 shares of the company’s stock, valued at $4,506,408.27. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock valued at $297,380,043 over the last ninety days. 9.60% of the stock is owned by corporate insiders.
SYY has been the topic of a number of research reports. Citigroup lifted their price objective on SYSCO from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, June 19th. ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Morgan Stanley lifted their price objective on SYSCO from $61.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, July 17th. Wells Fargo & Co lifted their price target on shares of SYSCO from $71.00 to $80.00 and gave the company a “$70.32” rating in a research report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of SYSCO from a “hold” rating to a “sell” rating in a research report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $72.42.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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