Canandaigua National Bank & Trust Co. Acquires 903 Shares of Sysco Co. (NYSE:SYY)

Canandaigua National Bank & Trust Co. lifted its position in Sysco Co. (NYSE:SYY) by 10.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,430 shares of the company’s stock after purchasing an additional 903 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Sysco were worth $736,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SYY. Capital World Investors raised its holdings in Sysco by 17.5% during the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after purchasing an additional 1,637,232 shares during the last quarter. Ameriprise Financial Inc. grew its position 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 purchasing an additional 1,782,180 shares during the period. Capital Research Global Investors grew its position in shares of Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after purchasing an additional 3,504,740 shares during the period. Diamond Hill Capital Management Inc. grew its position in shares of Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after purchasing an additional 1,997,895 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after purchasing an additional 2,408,226 shares during the period. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on SYY. Bank of America dropped their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Jefferies Financial Group increased their target price on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Morgan Stanley dropped their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Barclays upped their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. increased 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. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Trading Down 0.3 %

Shares of NYSE:SYY traded down $0.22 during trading hours on Friday, hitting $75.41. 2,792,314 shares of the company’s stock traded hands, compared to its average volume of 4,208,693. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The firm has a market capitalization of $37.07 billion, a P/E ratio of 18.39, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20. The business has a fifty day moving average price of $76.65 and a 200-day moving average price of $75.35. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.01. The firm had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $1.34 earnings per share. Equities analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

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.