Carnegie Lake Advisors LLC Boosts Stock Holdings in Sysco Corporation (NYSE:SYY)

Carnegie Lake Advisors LLC lifted its stake in Sysco Corporation (NYSE:SYY - Free Report) by 118.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,650 shares of the company's stock after purchasing an additional 4,150 shares during the period. Carnegie Lake Advisors LLC's holdings in Sysco were worth $574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC increased its stake in shares of Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 217 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Sysco in the 4th quarter worth $29,000. Golden State Wealth Management LLC boosted its stake in shares of Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the period. Capital A Wealth Management LLC purchased a new stake in shares of Sysco in the fourth quarter valued at approximately $34,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of Sysco during the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Up 0.6%

SYY traded up $0.47 during trading on Friday, reaching $78.38. 2,333,164 shares of the stock traded hands, compared to its average volume of 3,251,310. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The stock's 50-day simple moving average is $74.58 and its two-hundred day simple moving average is $73.30. The stock has a market cap of $37.99 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 2.36 and a beta of 0.81. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a net margin of 2.36% and a return on equity of 107.96%. The firm had revenue of $19.60 billion during the quarter, compared to analyst estimates of $20.11 billion. During the same period last year, the company earned $0.96 EPS. The company's revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts expect that Sysco Corporation will post 4.58 EPS 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 issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Thursday, July 3rd. This is an increase from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio is presently 55.96%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on SYY shares. BMO Capital Markets cut their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Barclays dropped their price target on Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Bank of America lifted their price objective on Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a research report on Friday. Finally, Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.23.

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.