Parallax Volatility Advisers L.P. Purchases New Stake in Sysco Co. (NYSE:SYY)

Parallax Volatility Advisers L.P. acquired a new position in shares of Sysco Co. (NYSE:SYY) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 27,616 shares of the company’s stock, valued at approximately $2,156,000.

Several other hedge funds have also recently bought and sold shares of SYY. CWM LLC lifted its stake in Sysco by 2.6% during the second quarter. CWM LLC now owns 45,065 shares of the company’s stock worth $3,217,000 after purchasing an additional 1,160 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Sysco in the second quarter valued at about $12,567,000. OLD National Bancorp IN grew its position in Sysco by 4.2% in the second quarter. OLD National Bancorp IN now owns 24,686 shares of the company’s stock valued at $1,762,000 after acquiring an additional 997 shares during the last quarter. Columbus Macro LLC raised its stake in Sysco by 145.1% during the second quarter. Columbus Macro LLC now owns 24,539 shares of the company’s stock worth $1,745,000 after acquiring an additional 14,528 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its holdings in shares of Sysco by 11.5% in the second quarter. Gateway Investment Advisers LLC now owns 15,410 shares of the company’s stock worth $1,100,000 after acquiring an additional 1,585 shares during the last quarter. 83.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 21,844 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was 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 directly owns 60,581 shares in the company, valued at $4,846,480. This trade represents a 26.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Eve M. Mcfadden sold 4,036 shares of the business’s stock in a transaction dated 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 directly owns 48,451 shares of the company’s stock, valued at $3,638,670.10. The trade was a 7.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,279 shares of company stock worth $2,786,971. 0.54% of the stock is owned by corporate insiders.

Sysco Stock Up 1.8 %

Sysco stock opened at $81.78 on Friday. The firm has a market cap of $40.17 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.09 and a beta of 1.19. Sysco Co. has a 52-week low of $69.03 and a 52-week 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 firm has a 50 day moving average price of $76.00 and a two-hundred day moving average price of $74.89.

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

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 3rd will be paid 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 yield of 2.49%. Sysco’s dividend payout ratio is currently 52.44%.

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.