Wallace Capital Management Inc. Makes New $201,000 Investment in Sysco Co. (NYSE:SYY)

Wallace Capital Management Inc. purchased a new stake in shares of Sysco Co. (NYSE:SYY) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,580 shares of the company’s stock, valued at approximately $201,000.

Other hedge funds have also modified their holdings of the company. State Street Corp raised its stake in Sysco by 11.1% during the third quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after purchasing an additional 2,721,449 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after acquiring an additional 1,782,180 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in Sysco by 11.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock worth $521,874,000 after acquiring an additional 672,940 shares in the last quarter. Primecap Management Co. CA increased its stake in Sysco by 9.7% during the third quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock worth $374,410,000 after acquiring an additional 422,954 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. raised its position in Sysco by 8.5% during the third quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock valued at $366,789,000 after purchasing an additional 375,409 shares during the period. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Up 1.8 %

Shares of NYSE SYY opened at $81.78 on Friday. The stock has a market capitalization of $40.17 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 2.09 and a beta of 1.19. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.89. The stock’s fifty day simple moving average is $76.00 and its two-hundred day simple moving average is $74.89.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.04). The firm had revenue of $20.48 billion for the quarter, compared to analysts’ expectations of $20.47 billion. Sysco had a net margin of 2.44% and a return on equity of 101.04%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 earnings per share. As a group, analysts expect that Sysco Co. will post 4.57 EPS for the current fiscal year.

Sysco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.04 annualized dividend and a dividend yield of 2.49%. Sysco’s dividend payout ratio is presently 52.44%.

Insider Transactions at Sysco

In other Sysco news, SVP Eve M. Mcfadden sold 6,499 shares of Sysco stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $519,920.00. Following the completion of the sale, the senior vice president now owns 48,451 shares of the company’s stock, valued at approximately $3,876,080. The trade was a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Greg D. Bertrand sold 21,844 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total value of $1,747,520.00. Following the completion of the sale, the executive vice president now owns 60,581 shares in the company, valued at approximately $4,846,480. This represents a 26.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,279 shares of company stock valued at $2,786,971 in the last quarter. 0.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SYY shares. JPMorgan Chase & Co. boosted their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Jefferies Financial Group raised their target price on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company reduced their price objective on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Finally, StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.77.

Sysco Company 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.