Sompo Asset Management Co. Ltd. Decreases Stake in Sysco Co. (NYSE:SYY)

Sompo Asset Management Co. Ltd. lessened its holdings in Sysco Co. (NYSE:SYY) by 4.4% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 111,201 shares of the company’s stock after selling 5,146 shares during the period. Sysco makes up approximately 1.3% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 18th biggest holding. Sompo Asset Management Co. Ltd.’s holdings in Sysco were worth $7,939,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SYY. Capital World Investors bought a new position in Sysco in the 4th quarter valued at $683,599,000. Capital Research Global Investors boosted its holdings in shares of Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after buying an additional 3,504,740 shares during the last quarter. Swedbank AB purchased a new stake in Sysco during the first quarter worth about $178,824,000. The Manufacturers Life Insurance Company raised its position in Sysco by 132.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after acquiring an additional 2,084,501 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its stake in Sysco by 49.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after acquiring an additional 1,997,895 shares during the last quarter. 83.41% of the stock is owned by institutional investors.

Sysco Price Performance

Shares of NYSE SYY opened at $75.19 on Friday. The firm has a market capitalization of $37.44 billion, a P/E ratio of 18.34, a P/E/G ratio of 2.01 and a beta of 1.20. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The stock’s 50-day simple moving average is $75.87 and its two-hundred day simple moving average is $75.57. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $20.51 billion. During the same period in the previous year, the business posted $1.34 earnings per share. Sysco’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities analysts anticipate that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Wall Street Analyst Weigh In

Several research firms recently commented on SYY. Barclays upped their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Morgan Stanley lowered their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Tuesday, May 28th. Finally, Bank of America lowered their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Sysco 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.