Resona Asset Management Co. Ltd. Has $13.81 Million Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Sysco Corporation by 12.9%, now holding 184,590 shares worth approximately $13.81 million.
• JPMorgan Chase & Co. raised Sysco's price target from $82.00 to $85.00, maintaining an "overweight" rating, while other analysts have assigned a "hold" and "buy" ratings, creating a consensus rating of "Moderate Buy."
• Sysco reported earnings of $1.48 per share for the latest quarter, beating expectations, with revenues of $21.14 billion, reflecting a year-over-year growth of 2.8%.

Resona Asset Management Co. Ltd. increased its position in Sysco Corporation (NYSE:SYY - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 184,590 shares of the company's stock after purchasing an additional 21,125 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Sysco were worth $13,806,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC grew its holdings in shares of Sysco by 4.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock worth $226,000 after purchasing an additional 139 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Sysco by 1.6% during the 1st quarter. Chicago Partners Investment Group LLC now owns 8,898 shares of the company's stock worth $627,000 after purchasing an additional 143 shares during the last quarter. One Wealth Advisors LLC raised its holdings in Sysco by 3.3% in the 1st quarter. One Wealth Advisors LLC now owns 4,698 shares of the company's stock valued at $353,000 after acquiring an additional 151 shares during the last quarter. Finally, Lcnb Corp grew its stake in shares of Sysco by 2.9% during the 1st quarter. Lcnb Corp now owns 5,985 shares of the company's stock valued at $449,000 after buying an additional 166 shares during the period. 83.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 40,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the transaction, the executive vice president owned 56,304 shares in the company, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the transaction, the executive vice president owned 30,235 shares in the company, valued at approximately $2,449,035. The trade was a 55.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,026 shares of company stock worth $6,766,059 in the last 90 days. 0.54% of the stock is owned by insiders.

Sysco Trading Down 2.1%

Sysco stock traded down $1.71 during midday trading on Friday, reaching $79.49. The stock had a trading volume of 3,936,783 shares, compared to its average volume of 3,390,233. The firm's fifty day simple moving average is $77.65 and its two-hundred day simple moving average is $74.14. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.64. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.70. The firm has a market cap of $38.53 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.46 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.09. The company had revenue of $21.14 billion during the quarter, compared to analyst estimates of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The company's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the business posted $1.39 EPS. Equities analysts anticipate that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on SYY shares. UBS Group set a $90.00 price target on shares of Sysco in a research report on Wednesday, July 30th. Barclays raised their price target on shares of Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Wells Fargo & Company set a $88.00 price objective on shares of Sysco and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Guggenheim raised their price objective on shares of Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Sysco currently has an average rating of "Moderate Buy" and a consensus target price of $85.69.

Sysco Company 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.