Cornerstone Wealth Group LLC Acquires Shares of 2,647 Sysco Co. (NYSE:SYY)

by · The Cerbat Gem

Cornerstone Wealth Group LLC purchased a new position in shares of Sysco Co. (NYSE:SYY – Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,647 shares of the company’s stock, valued at approximately $207,000.

Other large investors have also modified their holdings of the company. TruNorth Capital Management LLC purchased a new stake in shares of Sysco during the second quarter worth approximately $25,000. Armstrong Advisory Group Inc. raised its stake in shares of Sysco by 1,240.0% during the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after purchasing an additional 310 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of Sysco during the second quarter worth approximately $38,000. Canoe Financial LP purchased a new stake in shares of Sysco during the third quarter worth approximately $38,000. Finally, LRI Investments LLC purchased a new stake in shares of Sysco during the first quarter worth approximately $45,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SYY shares. Jefferies Financial Group upped their price objective on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company dropped their price objective on Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday. Barclays upped their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. upped their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.77.

Read Our Latest Analysis on SYY

Sysco Stock Up 0.9 %

SYY opened at $74.93 on Friday. The company has a quick ratio of 0.69, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The firm has a market cap of $36.81 billion, a P/E ratio of 19.26, a PEG ratio of 1.94 and a beta of 1.20. Sysco Co. has a 52 week low of $64.28 and a 52 week high of $82.89. The business’s fifty day simple moving average is $76.23 and its 200 day simple moving average is $74.75.

Sysco (NYSE:SYY – Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The business had revenue of $20.48 billion for the quarter, compared to analysts’ expectations of $20.47 billion. During the same quarter last year, the company posted $1.07 earnings per share. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 4th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.72%. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Sysco Profile

(Free Report)

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.

Further Reading

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