Hexavest Lowers stake in SYSCO Corporation (SYY)

SYSCO Corporation (SYY) : Hexavest reduced its stake in SYSCO Corporation by 8.39% during the most recent quarter end. The investment management company now holds a total of 1,241,671 shares of SYSCO Corporation which is valued at $59,612,625 after selling 113,760 shares in SYSCO Corporation , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.SYSCO Corporation makes up approximately 1.09% of Hexavest’s portfolio.

Other Hedge Funds, Including , Hudson Valley Investment Advisors Inc Adv reduced its stake in SYY by selling 1,199 shares or 3.16% in the most recent quarter. The Hedge Fund company now holds 36,778 shares of SYY which is valued at $1,773,067. SYSCO Corporation makes up approx 0.55% of Hudson Valley Investment Advisors Inc Adv’s portfolio.Exxonmobil Investment Management Inc Tx reduced its stake in SYY by selling 5,250 shares or 3.87% in the most recent quarter. The Hedge Fund company now holds 130,406 shares of SYY which is valued at $6,268,616. SYSCO Corporation makes up approx 0.13% of Exxonmobil Investment Management Inc Tx’s portfolio. Eqis Capital Management added SYY to its portfolio by purchasing 5,866 company shares during the most recent quarter which is valued at $280,219. SYSCO Corporation makes up approx 0.02% of Eqis Capital Management’s portfolio.

SYSCO Corporation closed down -0.2 points or -0.41% at $48.01 with 29,78,066 shares getting traded on Tuesday. Post opening the session at $48.2, the shares hit an intraday low of $47.86 and an intraday high of $48.305 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, SYSCO Corporation reported $0.64 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 15, 2016. Analyst had a consensus of $0.60. The company had revenue of $13648.00 million for the quarter, compared to analysts expectations of $13677.60 million. The company’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

Many Wall Street Analysts have commented on SYSCO Corporation. Deutsche Bank Resumed SYSCO Corporation on Jul 18, 2016 to “Hold”, Price Target of the shares are set at $52.

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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