Kornitzer Capital Management Inc. KS Trims Stake in Sysco Co. (NYSE:SYY)

Kornitzer Capital Management Inc. KS cut its stake in shares of Sysco Co. (NYSE:SYY) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 190,631 shares of the company’s stock after selling 2,661 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Sysco were worth $14,881,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SYY. Norden Group LLC bought a new position in shares of Sysco during the 1st quarter valued at approximately $434,000. Larson Financial Group LLC increased its stake in shares of Sysco by 658.3% in the first quarter. Larson Financial Group LLC now owns 1,183 shares of the company’s stock worth $96,000 after purchasing an additional 1,027 shares in the last quarter. Csenge Advisory Group raised its position in shares of Sysco by 9.3% during the 1st quarter. Csenge Advisory Group now owns 3,248 shares of the company’s stock valued at $264,000 after purchasing an additional 276 shares during the period. Empirical Finance LLC lifted its stake in shares of Sysco by 3.5% during the 1st quarter. Empirical Finance LLC now owns 18,264 shares of the company’s stock valued at $1,483,000 after buying an additional 615 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Sysco by 43.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 62,295 shares of the company’s stock worth $5,057,000 after buying an additional 18,749 shares during the period. Institutional investors own 83.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley decreased their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Bank of America lowered their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Jefferies Financial Group increased their price objective on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Barclays raised their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Sysco currently has an average rating of “Moderate Buy” and an average target price of $85.77.

Sysco Trading Up 0.1 %

NYSE SYY traded up $0.11 during trading on Thursday, hitting $77.12. The stock had a trading volume of 107,708 shares, compared to its average volume of 3,164,469. Sysco Co. has a one year low of $66.27 and a one year high of $82.89. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.73 and a current ratio of 1.26. The stock has a market capitalization of $37.88 billion, a price-to-earnings ratio of 19.80, a P/E/G ratio of 1.98 and a beta of 1.20. The stock has a 50 day simple moving average of $76.17 and a 200 day simple moving average of $74.74.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a net margin of 2.44% and a return on equity of 101.04%. The company had revenue of $20.48 billion during the quarter, compared to analysts’ expectations of $20.47 billion. During the same period last year, the firm earned $1.07 earnings per share. Sysco’s quarterly revenue was up 4.4% on a year-over-year basis. Sell-side analysts predict that Sysco Co. will post 4.57 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 4th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, October 4th. Sysco’s payout ratio is 52.44%.

Insider Buying and Selling

In other news, SVP Eve M. Mcfadden sold 4,036 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the sale, the senior vice president now owns 48,451 shares of the company’s stock, valued at approximately $3,638,670.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.54% of the stock is owned by insiders.

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.