SYSCO Co. (NYSE:SYY) Stock Holdings Cut by Ascension Asset Management LLC

Ascension Asset Management LLC reduced its position in shares of SYSCO Co. (NYSE:SYY) by 5.9% in the third quarter, HoldingsChannel.com reports. The firm owned 19,100 shares of the company’s stock after selling 1,200 shares during the period. Ascension Asset Management LLC’s holdings in SYSCO were worth $1,517,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in SYSCO by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 44,414,289 shares of the company’s stock valued at $3,140,979,000 after purchasing an additional 551,581 shares in the last quarter. BlackRock Inc. boosted its stake in shares of SYSCO by 3.3% during the 2nd quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock worth $2,201,542,000 after acquiring an additional 1,004,706 shares in the last quarter. Trian Fund Management L.P. boosted its stake in shares of SYSCO by 2.1% during the 2nd quarter. Trian Fund Management L.P. now owns 23,671,603 shares of the company’s stock worth $1,674,056,000 after acquiring an additional 489,566 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of SYSCO by 2.5% during the 2nd quarter. Wells Fargo & Company MN now owns 10,313,753 shares of the company’s stock worth $729,388,000 after acquiring an additional 246,850 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of SYSCO by 6.9% during the 2nd quarter. Northern Trust Corp now owns 7,081,124 shares of the company’s stock worth $500,776,000 after acquiring an additional 455,863 shares in the last quarter. 78.43% of the stock is owned by hedge funds and other institutional investors.

SYY opened at $79.00 on Wednesday. The stock has a fifty day moving average of $78.04 and a 200-day moving average of $73.12. The firm has a market capitalization of $40.52 billion, a P/E ratio of 22.25, a PEG ratio of 2.18 and a beta of 0.48. SYSCO Co. has a 12-month low of $59.44 and a 12-month high of $79.74. The company has a quick ratio of 0.81, a current ratio of 1.33 and a debt-to-equity ratio of 3.25.

SYSCO (NYSE:SYY) last released its earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. The company had revenue of $15.47 billion during the quarter, compared to analyst estimates of $15.65 billion. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. On average, analysts expect that SYSCO Co. will post 3.81 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.97%. SYSCO’s payout ratio is currently 43.94%.

In other news, CEO Thomas Bene sold 39,384 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $78.12, for a total value of $3,076,678.08. Following the completion of the sale, the chief executive officer now owns 132,929 shares in the company, valued at $10,384,413.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Paul T. Moskowitz sold 33,600 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $78.83, for a total value of $2,648,688.00. Following the completion of the sale, the executive vice president now owns 87,268 shares of the company’s stock, valued at approximately $6,879,336.44. The disclosure for this sale can be found here. Insiders sold 117,893 shares of company stock valued at $9,180,771 in the last 90 days. Corporate insiders own 5.24% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Consumer Edge assumed coverage on SYSCO in a research note on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price objective for the company. Bank of America raised their price objective on SYSCO from $76.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research note on Monday, August 12th. Barclays raised their price objective on SYSCO from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 13th. Finally, Credit Suisse Group raised their price objective on SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.52.

About SYSCO

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.

Further Reading: How does a security become overbought?

Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYSCO Co. (NYSE:SYY).

Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.