Ric Dillon Grows Bearish On Sysco, Prudential, Likes Axalta, and More

Coty Inc. (NYSE:COTY) stock formed 0.94% of Diamond Hill Capital Management’s portfolio at the end of September quarter. The fund held 6.46 million shares of the company with a market value of $151 million. The number of funds from our hedge fund database long Coty was at 13 in the quarter ending June. The total value of their holdings stood at $269 million, in comparison to $278 million held by 22 funds at the end of previous quarter. Coty reported its quarterly adjusted earnings at $0.23 per share, lower than consensus estimate of $0.33 per share in earnings. The company announced its revenue for the quarter at $1.08 billion, falling behind street expectations of $1.14 billion.

SYSCO Corporation (NYSE:SYY) stock gained 29% this year so far. The company also offers dividend yield of 2.33%. Diamond Hill Capital Management slashed its holding of the stock by 94% during the September quarter to 323,270 shares. The market value of the holding stands at $15.84 million and formed 0.10% of Diamond Hill Capital Management’s portfolio. 31 hedge funds from our database have positions in SYSCO, with total holdings of about $3.73 billion as on the end of June quarter, amounting to about 13.10% of the company’s outstanding stock. SYSCO reported its first quarter earnings at $0.67 per share, higher than street expectations of $0.58 per share. Its quarterly revenue came in at $14 billion, which also surpassed market forecast of $13.9 billion.

Prudential Financial Inc (NYSE:PRU) stock climbed 30% this year as it also saw 99% decrease in its holding by Diamond Hill Capital Management. The investment firm held 2,612 shares of Prudential Financial Inc. worth $213,000 as on the end of September quarter. 35 hedge funds we track held around $741 million of Prudential Financial stock as on the end of June quarter, in comparison to 33 funds holding stock worth $811 million the previous quarter. The company recently announced its third quarter earnings at $2.66 per share, up 10.8 percent on year over year basis. Its total revenue for the quarter was reported at $15.1 billion, up 35.9 percent from the same quarter of the previous year.

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