Peapack Gladstone Financial Corp Increases Position in Sysco Co. (NYSE:SYY)

Peapack Gladstone Financial Corp lifted its holdings in shares of Sysco Co. (NYSE:SYY) by 5.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,692 shares of the company’s stock after acquiring an additional 10,519 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Sysco were worth $14,886,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Armstrong Advisory Group Inc. raised its stake in shares of Sysco by 1,240.0% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after purchasing an additional 310 shares during the period. Ashton Thomas Securities LLC purchased a new stake in Sysco during the third quarter worth about $26,000. Valley Wealth Managers Inc. bought a new stake in Sysco in the third quarter worth about $31,000. Focused Wealth Management Inc purchased a new position in Sysco in the third quarter valued at about $37,000. Finally, Fairscale Capital LLC bought a new position in shares of Sysco during the 2nd quarter valued at approximately $38,000. 83.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at approximately $3,638,670.10. The trade was a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sheila Talton sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total value of $216,427.00. Following the sale, the director now owns 12,955 shares in the company, valued at $966,831.65. The trade was a 18.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,279 shares of company stock worth $2,786,971. Insiders own 0.54% of the company’s stock.

Sysco Stock Performance

Sysco stock opened at $79.95 on Friday. Sysco Co. has a 1-year low of $69.03 and a 1-year high of $82.89. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. The firm has a market capitalization of $39.27 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 2.11 and a beta of 1.19. The firm’s 50 day simple moving average is $76.40 and its 200 day simple moving average is $75.17.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). The firm had revenue of $20.48 billion during the quarter, compared to the consensus estimate of $20.47 billion. Sysco had a return on equity of 101.04% and a net margin of 2.44%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. As a group, analysts expect that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, January 3rd. Sysco’s payout ratio is 52.44%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Jefferies Financial Group increased their price target on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. boosted their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $85.77.

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.