Optimal Asset Management Inc. Sells 27,699 Shares of Sysco Co. (NYSE:SYY)

Optimal Asset Management Inc. trimmed its holdings in Sysco Co. (NYSE:SYY) by 68.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 12,510 shares of the company’s stock after selling 27,699 shares during the quarter. Optimal Asset Management Inc.’s holdings in Sysco were worth $985,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Twinbeech Capital LP bought a new stake in shares of Sysco in the 1st quarter worth approximately $5,850,000. Kidder Stephen W increased its stake in shares of Sysco by 3.3% in the first quarter. Kidder Stephen W now owns 7,850 shares of the company’s stock worth $618,000 after buying an additional 250 shares during the period. Man Group plc increased its stake in shares of Sysco by 84.2% in the first quarter. Man Group plc now owns 348,873 shares of the company’s stock worth $27,471,000 after buying an additional 159,445 shares during the period. California State Teachers Retirement System increased its stake in shares of Sysco by 0.4% in the first quarter. California State Teachers Retirement System now owns 907,934 shares of the company’s stock worth $71,491,000 after buying an additional 4,049 shares during the period. Finally, Ameritas Investment Company LLC purchased a new position in shares of Sysco in the first quarter worth $267,000. Hedge funds and other institutional investors own 79.10% of the company’s stock.

Several research analysts recently commented on SYY shares. Morgan Stanley lifted their target price on shares of Sysco from $88.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Monday, May 24th. JPMorgan Chase & Co. lifted their target price on shares of Sysco from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Barclays lifted their target price on shares of Sysco from $80.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, May 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Sysco from $89.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, April 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $85.38.

In other news, Director Joshua D. Frank sold 357,884 shares of the stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $81.08, for a total value of $29,017,234.72. Following the transaction, the director now owns 4,840 shares in the company, valued at approximately $392,427.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joshua D. Frank sold 160,000 shares of the stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $81.73, for a total transaction of $13,076,800.00. Following the completion of the transaction, the director now owns 4,840 shares in the company, valued at approximately $395,573.20. The disclosure for this sale can be found here. Insiders sold a total of 1,167,884 shares of company stock worth $93,808,035 in the last quarter. Company insiders own 5.17% of the company’s stock.

Shares of Sysco stock opened at $73.27 on Thursday. The company has a market cap of $37.48 billion, a PE ratio of 165.16, a price-to-earnings-growth ratio of 2.38 and a beta of 1.44. The stock has a 50-day moving average price of $77.94. Sysco Co. has a 1 year low of $50.90 and a 1 year high of $86.73. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 8.41.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. Sysco had a negative net margin of 0.56% and a positive return on equity of 17.14%. The business had revenue of $11.82 billion for the quarter, compared to analysts’ expectations of $12.02 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The business’s revenue for the quarter was down 13.7% compared to the same quarter last year. Research analysts anticipate that Sysco Co. will post 1.31 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 23rd. Stockholders of record on Friday, July 2nd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Thursday, July 1st. This is a boost from Sysco’s previous quarterly dividend of $0.45. Sysco’s dividend payout ratio is 93.53%.

Sysco Company Profile

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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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