Fruth Investment Management Reduces Stake in Sysco Corporation (NYSE:SYY)

Fruth Investment Management lowered its stake in shares of Sysco Corporation (NYSE:SYY) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,906 shares of the company’s stock after selling 700 shares during the period. Sysco Corporation comprises 1.4% of Fruth Investment Management’s holdings, making the stock its 18th largest position. Fruth Investment Management’s holdings in Sysco Corporation were worth $2,964,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in SYY. Vanguard Group Inc. increased its position in shares of Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares during the period. BlackRock Inc. increased its position in shares of Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after buying an additional 30,735,711 shares during the period. Ameriprise Financial Inc. increased its position in shares of Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock valued at $510,776,000 after buying an additional 118,939 shares during the period. Bank of New York Mellon Corp increased its position in shares of Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock valued at $347,241,000 after buying an additional 385,492 shares during the period. Finally, Bank of Montreal Can increased its stake in Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock valued at $324,360,000 after buying an additional 1,996,198 shares during the last quarter. 78.49% of the stock is owned by institutional investors.

Shares of Sysco Corporation (NYSE SYY) traded down 0.04% during midday trading on Friday, hitting $51.17. The company had a trading volume of 2,100,733 shares. The firm has a market capitalization of $27.12 billion, a P/E ratio of 24.60 and a beta of 0.52. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The firm’s 50-day moving average is $51.14 and its 200-day moving average is $52.55.

Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The business had revenue of $14.40 billion for the quarter, compared to analyst estimates of $14.35 billion. During the same quarter last year, the firm earned $0.64 EPS. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts predict that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio is presently 63.16%.

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Several equities research analysts recently weighed in on SYY shares. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a report on Friday, June 23rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Sysco Corporation in a report on Tuesday, June 27th. Bank of America Corporation reiterated a “buy” rating and issued a $61.00 price target on shares of Sysco Corporation in a research report on Monday, June 26th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Friday, July 21st. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $57.00 price target on shares of Sysco Corporation in a research report on Friday, June 23rd. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $56.02.

In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $54.25, for a total value of $846,300.00. Following the completion of the transaction, the insider now directly owns 58,776 shares in the company, valued at $3,188,598. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the completion of the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $20,303,712. The disclosure for this sale can be found here. In the last three months, insiders sold 122,400 shares of company stock worth $6,494,700. 8.81% of the stock is owned by insiders.

About Sysco Corporation

Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.

Institutional Ownership by Quarter for Sysco Corporation (NYSE:SYY)

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