Canoe Financial LP Purchases 1,426,332 Shares of Sysco Corporation (NYSE:SYY)

Canoe Financial LP boosted its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 29,610.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,431,149 shares of the company's stock after buying an additional 1,426,332 shares during the period. Sysco makes up about 1.7% of Canoe Financial LP's investment portfolio, making the stock its 26th largest holding. Canoe Financial LP owned 0.29% of Sysco worth $107,393,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC increased its holdings in shares of Sysco by 4.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock valued at $226,000 after acquiring an additional 139 shares in the last quarter. MV Capital Management Inc. increased its stake in Sysco by 0.4% during the 4th quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock valued at $2,625,000 after purchasing an additional 144 shares in the last quarter. Morton Community Bank raised its holdings in Sysco by 0.4% in the fourth quarter. Morton Community Bank now owns 40,585 shares of the company's stock worth $3,103,000 after buying an additional 145 shares during the last quarter. Nemes Rush Group LLC raised its holdings in Sysco by 5.9% in the fourth quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock worth $201,000 after buying an additional 147 shares during the last quarter. Finally, SRS Capital Advisors Inc. lifted its stake in shares of Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock worth $33,000 after buying an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Performance

NYSE:SYY traded up $0.74 on Friday, hitting $74.71. The stock had a trading volume of 4,897,713 shares, compared to its average volume of 3,295,380. The business's 50-day simple moving average is $72.41 and its two-hundred day simple moving average is $73.54. The stock has a market cap of $36.21 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.81. Sysco Corporation has a 52-week low of $67.12 and a 52-week high of $82.23. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 6.37.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. During the same period in the previous year, the business posted $0.96 EPS. The business's quarterly revenue was up 1.1% compared to the same quarter last year. As a group, research analysts predict that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.89%. This is a positive change from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. Sysco's dividend payout ratio is 52.85%.

Insider Transactions at Sysco

In related news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the transaction, the director now directly owns 12,738 shares in the company, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on SYY. UBS Group decreased their price objective on shares of Sysco from $86.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price target on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the company an "overweight" rating in a report on Tuesday, April 22nd. BMO Capital Markets reduced their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their target price on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.00.

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.