Meiji Yasuda Asset Management Co Ltd. Sells 21,234 Shares of Sysco Corporation $SYY

Key Points

• Meiji Yasuda Asset Management Co Ltd. decreased its holdings in Sysco Corporation by 16.3%, selling 21,234 shares to end the quarter with 108,807 shares valued at approximately $8.17 million.
• Sysco's recent earnings report revealed a profit of $1.48 per share and revenue of $21.14 billion, surpassing analysts' expectations.
• The company announced a quarterly dividend payment of $0.54 per share, representing a yield of 2.6% and a dividend payout ratio of 57.91%.

Meiji Yasuda Asset Management Co Ltd. lessened its stake in Sysco Corporation (NYSE:SYY - Free Report) by 16.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,807 shares of the company's stock after selling 21,234 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Sysco were worth $8,165,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SYY. Crestline Management LP bought a new position in shares of Sysco in the fourth quarter valued at approximately $229,000. Deutsche Bank AG increased its position in shares of Sysco by 17.3% during the fourth quarter. Deutsche Bank AG now owns 1,409,097 shares of the company's stock valued at $107,740,000 after acquiring an additional 208,105 shares during the last quarter. First Manhattan CO. LLC. increased its position in shares of Sysco by 77.5% during the fourth quarter. First Manhattan CO. LLC. now owns 21,071 shares of the company's stock valued at $1,611,000 after acquiring an additional 9,199 shares during the last quarter. KKM Financial LLC increased its position in shares of Sysco by 3.3% during the fourth quarter. KKM Financial LLC now owns 31,423 shares of the company's stock valued at $2,403,000 after acquiring an additional 1,008 shares during the last quarter. Finally, JCP Investment Management LLC purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $306,000. Institutional investors own 83.41% of the company's stock.

Analyst Upgrades and Downgrades

SYY has been the subject of a number of research analyst reports. Truist Financial increased their price target on Sysco from $81.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Citigroup initiated coverage on Sysco in a research report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price target for the company. Wells Fargo & Company set a $88.00 price target on Sysco and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Guggenheim raised their target price on Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Morgan Stanley raised their target price on Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Sysco currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.69.

Insider Buying and Selling at Sysco

In other news, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the completion of the transaction, the executive vice president directly owned 56,304 shares in the company, valued at approximately $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This trade represents a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,377 shares of company stock valued at $7,361,490. 0.54% of the stock is owned by company insiders.

Sysco Stock Performance

NYSE:SYY traded down $0.60 during trading hours on Wednesday, reaching $80.25. The stock had a trading volume of 2,135,835 shares, compared to its average volume of 2,568,599. The stock has a market cap of $38.90 billion, a P/E ratio of 21.51, a price-to-earnings-growth ratio of 2.50 and a beta of 0.80. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $83.17. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The stock has a 50 day simple moving average of $79.53 and a 200 day simple moving average of $75.25.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.09. The company had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The firm's quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. On average, research analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Friday, October 3rd will be given a $0.54 dividend. The ex-dividend date is Friday, October 3rd. This represents a $2.16 annualized dividend and a dividend yield of 2.7%. Sysco's payout ratio is 57.91%.

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.