Cornercap Investment Counsel Inc. Buys 12,072 Shares of Sysco Corporation (NYSE:SYY)

Cornercap Investment Counsel Inc. grew its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 136.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,911 shares of the company's stock after purchasing an additional 12,072 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Sysco were worth $1,569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SYY. EverSource Wealth Advisors LLC lifted its position in shares of Sysco by 12.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock worth $217,000 after purchasing an additional 324 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Sysco by 18.6% in the 4th quarter. Farther Finance Advisors LLC now owns 4,204 shares of the company's stock valued at $321,000 after buying an additional 660 shares during the last quarter. Choate Investment Advisors grew its stake in shares of Sysco by 7.8% during the fourth quarter. Choate Investment Advisors now owns 4,947 shares of the company's stock valued at $378,000 after acquiring an additional 358 shares in the last quarter. one8zero8 LLC purchased a new stake in shares of Sysco during the fourth quarter worth about $216,000. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Sysco by 13.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 76,013 shares of the company's stock worth $5,812,000 after acquiring an additional 9,269 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Down 1.7%

NYSE:SYY traded down $1.33 during trading hours on Tuesday, hitting $76.37. 2,713,172 shares of the company's stock traded hands, compared to its average volume of 3,243,225. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23. The firm has a market cap of $37.02 billion, a P/E ratio of 19.78, a P/E/G ratio of 2.32 and a beta of 0.81. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The stock's fifty day moving average price is $74.04 and its two-hundred day moving average price is $73.25.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results 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 company had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. During the same quarter in the previous year, the company earned $0.96 EPS. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts expect that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a yield of 2.83%. This is an increase from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio is currently 55.96%.

Insiders Place Their Bets

In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the sale, the director directly owned 12,738 shares of the company's stock, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

SYY has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Sunday. Guggenheim reissued a "buy" rating and set a $82.00 price target on shares of Sysco in a research report on Tuesday, July 8th. Citigroup assumed coverage on shares of Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $82.77.

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.