Cornerstone Wealth Management LLC Buys 331 Shares of Sysco Co. (NYSE:SYY)

Cornerstone Wealth Management LLC grew its stake in shares of Sysco Co. (NYSE:SYY) by 3.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,540 shares of the company’s stock after acquiring an additional 331 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Sysco were worth $745,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Plimoth Trust Co. LLC boosted its position in shares of Sysco by 0.6% during the second quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock valued at $1,610,000 after buying an additional 139 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in shares of Sysco by 1.7% during the first quarter. Meeder Advisory Services Inc. now owns 8,362 shares of the company’s stock valued at $679,000 after buying an additional 141 shares during the last quarter. Koshinski Asset Management Inc. boosted its position in shares of Sysco by 3.1% during the third quarter. Koshinski Asset Management Inc. now owns 4,913 shares of the company’s stock valued at $383,000 after buying an additional 146 shares during the last quarter. NorthRock Partners LLC boosted its position in shares of Sysco by 3.7% during the first quarter. NorthRock Partners LLC now owns 4,121 shares of the company’s stock valued at $335,000 after buying an additional 147 shares during the last quarter. Finally, Winthrop Advisory Group LLC boosted its position in Sysco by 3.7% in the first quarter. Winthrop Advisory Group LLC now owns 4,120 shares of the company’s stock worth $334,000 after purchasing an additional 148 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on SYY shares. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Bank of America dropped their target price on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Morgan Stanley dropped their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. JPMorgan Chase & Co. raised their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Barclays raised their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Stock Up 0.2 %

Shares of SYY opened at $75.54 on Friday. The business’s 50 day moving average is $76.55 and its 200 day moving average is $74.92. The company has a market capitalization of $37.11 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 1.96 and a beta of 1.20. Sysco Co. has a 12-month low of $64.28 and a 12-month high of $82.89. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.01. The company had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $1.34 EPS. Research analysts expect that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

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.