Cornerstone Wealth Management LLC Raises Stock Position in Sysco Corporation (NYSE:SYY)

Cornerstone Wealth Management LLC grew its stake in shares of Sysco Corporation (NYSE:SYY) by 6.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,743 shares of the company’s stock after acquiring an additional 556 shares during the period. Cornerstone Wealth Management LLC’s holdings in Sysco were worth $731,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SYY. Lesa Sroufe & Co purchased a new stake in shares of Sysco in the 1st quarter worth $359,000. Schaper Benz & Wise Investment Counsel Inc. WI raised its holdings in shares of Sysco by 0.4% in the first quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 263,629 shares of the company’s stock valued at $19,783,000 after acquiring an additional 963 shares in the last quarter. Inscription Capital LLC purchased a new stake in Sysco in the first quarter worth about $200,000. Stockman Wealth Management Inc. grew its holdings in Sysco by 10.5% during the 1st quarter. Stockman Wealth Management Inc. now owns 111,186 shares of the company’s stock worth $8,343,000 after acquiring an additional 10,534 shares in the last quarter. Finally, Sagespring Wealth Partners LLC increased its position in Sysco by 4.0% during the 1st quarter. Sagespring Wealth Partners LLC now owns 5,352 shares of the company’s stock valued at $402,000 after purchasing an additional 204 shares during the period. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 0.4%

Sysco stock opened at $73.97 on Friday. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The stock has a market cap of $35.86 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 2.39 and a beta of 0.81. The stock has a 50-day moving average of $72.32 and a two-hundred day moving average of $73.62. Sysco Corporation has a one year low of $67.12 and a one year high of $82.23.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). The company had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 EPS. On average, research analysts anticipate that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.92%. This is a boost from Sysco’s previous quarterly dividend of $0.51. Sysco’s dividend payout ratio (DPR) is currently 52.85%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYY. Barclays lowered their price target on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an “overweight” rating in a report on Tuesday, April 22nd. BMO Capital Markets cut their price target on Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Citigroup started coverage on Sysco in a research report on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

Insider Transactions at Sysco

In related news, Director Sheila Talton sold 356 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the transaction, the director now directly owns 12,738 shares of the company’s stock, valued at $902,359.92. This represents a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.54% of the company’s stock.

Sysco 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.