Kornitzer Capital Management Inc. KS Reduces Stock Holdings in Sysco Co. (NYSE:SYY)

Kornitzer Capital Management Inc. KS decreased its position in Sysco Co. (NYSE:SYY) by 1.4% in the third quarter, HoldingsChannel.com reports. The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Sysco Stock Up 0.1 %

Shares of NYSE SYY traded up $0.11 during mid-day trading on Thursday, hitting $77.12. The company had a trading volume of 107,708 shares, compared to its average volume of 3,164,469. Sysco Co. has a 1-year low of $66.27 and a 1-year high of $82.89. The company has a market capitalization of $37.88 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 1.98 and a beta of 1.20. The company has a debt-to-equity ratio of 5.38, a current ratio of 1.26 and a quick ratio of 0.73. The business’s 50-day simple moving average is $76.17 and its 200 day simple moving average is $74.74.

Sysco (NYSE:SYY) last announced 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 quarter in the previous year, the business posted $1.07 EPS. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, analysts predict that Sysco Co. will post 4.57 earnings per share for the current year.

Sysco Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently commented on SYY. Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Barclays lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. 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 report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Sysco currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.77.

Insider Transactions at Sysco

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $75.10, for a total value of $303,103.60. Following the transaction, the senior vice president now owns 48,451 shares of the company’s stock, valued at $3,638,670.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

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.