Lecap Asset Management Ltd. Purchases New Position in Sysco Corporation (NYSE:SYY)

Lecap Asset Management Ltd. acquired a new stake in shares of Sysco Corporation (NYSE:SYY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 46,124 shares of the company's stock, valued at approximately $3,461,000. Sysco accounts for approximately 0.8% of Lecap Asset Management Ltd.'s investment portfolio, making the stock its 14th biggest position.

Several other hedge funds also recently bought and sold shares of SYY. Rialto Wealth Management LLC raised its stake in Sysco by 188.7% during the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after buying an additional 217 shares during the period. Parvin Asset Management LLC bought a new stake in shares of Sysco in the fourth quarter worth about $29,000. Sherman Asset Management Inc. acquired a new stake in shares of Sysco during the fourth quarter worth about $31,000. Flagship Wealth Advisors LLC bought a new position in shares of Sysco during the 4th quarter valued at about $31,000. Finally, SRS Capital Advisors Inc. grew its position in shares of Sysco by 53.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock valued at $33,000 after purchasing an additional 149 shares during the period. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction dated 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 now owns 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of research reports. Wall Street Zen lowered shares of Sysco from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Citigroup assumed coverage on shares of Sysco in a report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Wells Fargo & Company dropped their price target on Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Finally, Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.00.

Sysco Trading Down 0.0%

Shares of SYY stock opened at $75.90 on Wednesday. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The company has a market capitalization of $36.79 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 2.46 and a beta of 0.81. The firm has a 50 day moving average price of $72.58 and a two-hundred day moving average price of $73.47. 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 announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The firm had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. Sysco's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. As a group, analysts predict that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Thursday, July 3rd. This is a boost from Sysco's previous quarterly dividend of $0.51. Sysco's payout ratio is presently 52.85%.

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.

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