Meiji Yasuda Asset Management Co Ltd. Grows Position in Sysco Co. (NYSE:SYY)

Meiji Yasuda Asset Management Co Ltd. raised its stake in Sysco Co. (NYSE:SYY) by 6.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,271 shares of the company’s stock after acquiring an additional 7,767 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Sysco were worth $9,014,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in Sysco in the 2nd quarter valued at about $25,000. Burkett Financial Services LLC acquired a new position in shares of Sysco in the fourth quarter valued at approximately $30,000. OFI Invest Asset Management purchased a new position in shares of Sysco during the first quarter valued at approximately $31,000. Fairman Group LLC acquired a new stake in Sysco during the fourth quarter worth approximately $39,000. Finally, Livelsberger Financial Advisory purchased a new stake in Sysco in the 4th quarter worth approximately $44,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Trading Up 0.9 %

NYSE SYY opened at $77.79 on Wednesday. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco Co. has a one year low of $62.24 and a one year high of $82.89. The company’s 50 day moving average price is $75.66 and its 200 day moving average price is $75.62. The firm has a market capitalization of $38.74 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 2.01 and a beta of 1.20.

Sysco (NYSE:SYY) last issued 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 business had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. During the same quarter last year, the firm posted $1.34 EPS. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, sell-side analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.62%. Sysco’s payout ratio is currently 49.76%.

Analysts Set New Price Targets

A number of research analysts have weighed in on SYY shares. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Barclays increased their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Bank of America lowered their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Tuesday, May 28th. Finally, JPMorgan Chase & Co. raised their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $85.55.

Sysco Profile

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.