Sysco Corporation (NYSE:SYY) is VELA Investment Management LLC's 8th Largest Position

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Buckley Wealth Management LLC raised its holdings in shares of Sysco by 0.8% during the fourth quarter. Buckley Wealth Management LLC now owns 18,188 shares of the company's stock valued at $1,391,000 after acquiring an additional 150 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Sysco in the 4th quarter worth about $54,000. Wealth Enhancement Advisory Services LLC lifted its stake in Sysco by 2.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,510 shares of the company's stock valued at $16,772,000 after acquiring an additional 4,932 shares during the period. Fiduciary Trust Co boosted its holdings in shares of Sysco by 0.3% during the 4th quarter. Fiduciary Trust Co now owns 66,495 shares of the company's stock valued at $5,084,000 after acquiring an additional 196 shares during the last quarter. Finally, UniSuper Management Pty Ltd grew its stake in shares of Sysco by 23.2% in the fourth quarter. UniSuper Management Pty Ltd now owns 42,904 shares of the company's stock worth $3,280,000 after acquiring an additional 8,076 shares during the period. Institutional investors own 83.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. UBS Group decreased their target price on shares of Sysco from $86.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Citigroup began coverage on Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective for the company. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Finally, Barclays lowered their target price on Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a 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 stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $83.00.

Sysco Stock Performance

Shares of NYSE SYY traded down $0.81 during trading on Friday, hitting $76.88. The company had a trading volume of 1,877,954 shares, compared to its average volume of 3,239,025. The stock has a 50 day simple moving average of $73.27 and a 200 day simple moving average of $73.31. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The firm has a market capitalization of $37.27 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81.

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 the consensus estimate 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 for the quarter, compared to analysts' expectations of $20.11 billion. During the same quarter in the prior year, the business posted $0.96 EPS. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts anticipate 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. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, July 3rd. This is a boost from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio (DPR) is currently 55.96%.

Insiders Place Their Bets

In other Sysco news, Director Sheila Talton sold 356 shares of the firm'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 owned 12,738 shares in the company, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.54% of the stock is owned by corporate insiders.

Sysco Company 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.