Fairview Capital Investment Management Lowers stake in SYSCO Corporation (SYY)

SYSCO Corporation (SYY) : Fairview Capital Investment Management reduced its stake in SYSCO Corporation by 0.14% during the most recent quarter end. The investment management company now holds a total of 780,741 shares of SYSCO Corporation which is valued at $41,761,836 after selling 1,075 shares in SYSCO Corporation , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.SYSCO Corporation makes up approximately 3.22% of Fairview Capital Investment Management’s portfolio.

Other Hedge Funds, Including , Euclid Advisors sold out all of its stake in SYY during the most recent quarter. The investment firm sold 484,064 shares of SYY which is valued $25,892,583.Schroder Investment Management Group reduced its stake in SYY by selling 59,917 shares or 75.15% in the most recent quarter. The Hedge Fund company now holds 19,811 shares of SYY which is valued at $1,072,964. Forsta Ap-fonden sold out all of its stake in SYY during the most recent quarter. The investment firm sold 386,853 shares of SYY which is valued $18,479,968.Ibm Retirement Fund reduced its stake in SYY by selling 19,532 shares or 28.29% in the most recent quarter. The Hedge Fund company now holds 49,501 shares of SYY which is valued at $2,339,417. SYSCO Corporation makes up approx 0.12% of Ibm Retirement Fund’s portfolio.

SYSCO Corporation closed down -0.22 points or -0.41% at $53.14 with 40,43,887 shares getting traded on Monday. Post opening the session at $53.23, the shares hit an intraday low of $53.02 and an intraday high of $53.66 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, SYSCO Corporation reported $0.67 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Nov 7, 2016. Analyst had a consensus of $0.58. The company had revenue of $13968.70 million for the quarter, compared to analysts expectations of $13891.61 million. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

Investors should note that on Nov 16, 2016, SYSCO Corporation announced a cash dividend of $0.3300. The company’s management has announced Jan 4, 2017 as the ex-dividend date and fixed the record date on Jan 6, 2017. The payable date has been fixed on Jan 27, 2017.

Many Wall Street Analysts have commented on SYSCO Corporation. SYSCO Corporation was Downgraded by Credit Suisse to ” Neutral” on Nov 16, 2016. SYSCO Corporation was Upgraded by BofA/Merrill to ” Buy” on Nov 8, 2016. Company shares were Reiterated by Pivotal Research Group on Nov 8, 2016 to “Hold”, Firm has raised the Price Target to $ 53 from a previous price target of $45 .

Sysco Corporation (Sysco) along with its subsidiaries and divisions is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425000 customers including restaurants healthcare and educational facilities lodging establishments and other foodservice customers. Sysco provides food and related products to the foodservice or food-away-from-home industry. The Company has aggregated its operating companies into a number of segments of which only Broadline and SYGMA are the main segments. Broadline operating companies distribute a line of food products and a variety of non-food products to their customers. SYGMA operating companies distribute a line of food products and a variety of non-food products to chain restaurant customer locations. The Company’s other segments include its specialty produce custom-cut meat and lodging industry products segments.

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