Sumitomo Life Insurance Co. Increases Holdings in Sysco Co. (NYSE:SYY)

Sumitomo Life Insurance Co. boosted its position in Sysco Co. (NYSE:SYY) by 50.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 74,862 shares of the company’s stock after purchasing an additional 25,069 shares during the period. Sumitomo Life Insurance Co.’s holdings in Sysco were worth $5,844,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SYY. Capital World Investors grew its holdings in shares of Sysco by 17.5% during the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after acquiring an additional 1,782,180 shares during the last quarter. Capital Research Global Investors boosted its holdings in Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after acquiring an additional 3,504,740 shares during the period. Diamond Hill Capital Management Inc. grew its position in Sysco by 49.8% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after acquiring an additional 1,997,895 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after purchasing an additional 2,408,226 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Up 0.3 %

Shares of NYSE SYY traded up $0.24 during mid-day trading on Wednesday, hitting $75.80. 260,819 shares of the stock traded hands, compared to its average volume of 3,148,680. The stock has a fifty day moving average price of $76.55 and a 200-day moving average price of $74.95. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. The company has a market cap of $37.75 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.92 and a beta of 1.20. Sysco Co. has a 52 week low of $64.16 and a 52 week high of $82.89.

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

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.69%. Sysco’s payout ratio is 49.76%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SYY. Bank of America cut their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their price objective on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Truist Financial cut their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Finally, Jefferies Financial Group upped their price target on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $86.08.

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.