Sysco Corporation (NYSE:SYY) Position Boosted by VELA Investment Management LLC

VELA Investment Management LLC lifted its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 39.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,641 shares of the company's stock after purchasing an additional 23,971 shares during the quarter. Sysco comprises 2.0% of VELA Investment Management LLC's portfolio, making the stock its 8th largest position. VELA Investment Management LLC's holdings in Sysco were worth $6,351,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. SRS Capital Advisors Inc. increased its holdings in shares of Sysco by 53.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock worth $33,000 after acquiring an additional 149 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $54,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Sysco by 6.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 20,411 shares of the company's stock valued at $1,561,000 after buying an additional 1,208 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Sysco by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,038,654 shares of the company's stock valued at $232,335,000 after buying an additional 91,828 shares during the last quarter. Finally, Keybank National Association OH grew its holdings in Sysco by 16.5% in the 4th quarter. Keybank National Association OH now owns 21,824 shares of the company's stock worth $1,669,000 after buying an additional 3,086 shares in the last quarter. Institutional investors own 83.41% of the company's stock.

Insider Activity at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the transaction, the director directly owned 12,738 shares in the company, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company's stock.

Sysco Price Performance

Sysco stock traded down $0.44 during mid-day trading on Monday, hitting $76.74. The company's stock had a trading volume of 2,760,163 shares, compared to its average volume of 3,237,109. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23. The stock's fifty day moving average price is $73.40 and its two-hundred day moving average price is $73.25. The stock has a market capitalization of $37.20 billion, a P/E ratio of 19.88, a P/E/G ratio of 2.33 and a beta of 0.81. 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 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The company had revenue of $19.60 billion for the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. Research analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.81%. This is a positive change from Sysco's previous quarterly dividend of $0.51. Sysco's payout ratio is currently 55.96%.

Analysts Set New Price Targets

Several analysts have weighed in on SYY shares. Citigroup started coverage on Sysco in a research note on Thursday, May 22nd. They set a "neutral" rating and a $78.00 target price on the stock. UBS Group cut their price objective on shares of Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. Barclays lowered their target price on shares of Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upped their price target 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. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Sysco currently has an average rating of "Moderate Buy" and a consensus target price of $83.00.

About Sysco

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.