Manchester Capital Management LLC trimmed its position in SYSCO Co. (NYSE:SYY) by 9.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,538 shares of the company’s stock after selling 252 shares during the period. Manchester Capital Management LLC’s holdings in SYSCO were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently modified their holdings of SYY. James Hambro & Partners bought a new position in SYSCO during the third quarter worth $556,000. Keybank National Association OH increased its position in SYSCO by 6.8% during the third quarter. Keybank National Association OH now owns 39,448 shares of the company’s stock worth $3,132,000 after acquiring an additional 2,519 shares during the period. Appleton Partners Inc. MA increased its position in SYSCO by 2.7% during the third quarter. Appleton Partners Inc. MA now owns 28,432 shares of the company’s stock worth $2,258,000 after acquiring an additional 752 shares during the period. Eastern Bank increased its position in SYSCO by 2.3% during the third quarter. Eastern Bank now owns 223,267 shares of the company’s stock worth $17,727,000 after acquiring an additional 5,107 shares during the period. Finally, Bartlett & Co. LLC increased its position in SYSCO by 239.1% during the third quarter. Bartlett & Co. LLC now owns 242,697 shares of the company’s stock worth $19,270,000 after acquiring an additional 171,135 shares during the period. Institutional investors and hedge funds own 78.62% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Loop Capital boosted their target price on shares of SYSCO to $86.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Credit Suisse Group boosted their target price on shares of SYSCO from $79.00 to $89.00 and gave the stock an “outperform” rating in a research report on Tuesday. Bank of America boosted their target price on shares of SYSCO from $76.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Consumer Edge began coverage on shares of SYSCO in a research report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 target price on the stock. Finally, Barclays boosted their price target on shares of SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $77.40.
SYSCO (NYSE:SYY) last posted its earnings results on Monday, November 4th. The company reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.01. SYSCO had a net margin of 2.82% and a return on equity of 79.60%. The business had revenue of $15.30 billion for the quarter, compared to analyst estimates of $15.53 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Analysts anticipate that SYSCO Co. will post 3.83 EPS for the current year.
In other news, Director Hans-Joachim Koerber sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $73.35, for a total value of $733,500.00. Following the sale, the director now owns 52,872 shares of the company’s stock, valued at approximately $3,878,161.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Bene sold 39,384 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.00, for a total transaction of $3,150,720.00. Following the completion of the sale, the chief executive officer now directly owns 132,929 shares in the company, valued at approximately $10,634,320. The disclosure for this sale can be found here. In the last ninety days, insiders sold 182,277 shares of company stock worth $14,357,991. 5.24% of the stock is owned by insiders.
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.
Read More: Initial Coin Offering (ICO)
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