The Nippon Life Insurance Co. Acquires 8,667 Shares of Sysco Corp. (SYY)

The Nippon Life Insurance Co. Acquires 8,667 Shares of Sysco Corp. (SYY)

Nippon Life Insurance Co. raised its stake in Sysco Corp. (NYSE:SYY) by 49.2% during the second quarter, Holdings Channel reports. The firm owned 26,269 shares of the company’s stock after buying an additional 8,667 shares during the period. Nippon Life Insurance Co.’s holdings in Sysco Corp. were worth $1,333,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of SYY. Kistler Tiffany Companies LLC raised its position in Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock valued at $145,000 after buying an additional 13 shares in the last quarter. Badgley Phelps & Bell Inc. raised its position in Sysco Corp. by 0.5% in the second quarter. Badgley Phelps & Bell Inc. now owns 16,014 shares of the company’s stock valued at $813,000 after buying an additional 75 shares in the last quarter. Prospera Financial Services Inc raised its position in Sysco Corp. by 1.4% in the second quarter. Prospera Financial Services Inc now owns 11,087 shares of the company’s stock valued at $563,000 after buying an additional 151 shares in the last quarter. Gateway Investment Advisers LLC raised its position in Sysco Corp. by 0.4% in the second quarter. Gateway Investment Advisers LLC now owns 42,769 shares of the company’s stock valued at $2,170,000 after buying an additional 167 shares in the last quarter. Finally, Mariner Wealth Advisors LLC raised its position in Sysco Corp. by 2.6% in the first quarter. Mariner Wealth Advisors LLC now owns 8,749 shares of the company’s stock worth $409,000 after buying an additional 220 shares during the period. 77.24% of the stock is owned by institutional investors.

Sysco Corp. (NYSE:SYY) traded up 1.14% on Friday, hitting $47.99. 3,530,760 shares of the stock traded hands. The company has a market cap of $26.64 billion, a price-to-earnings ratio of 29.26 and a beta of 0.51. The stock has a 50-day moving average price of $48.67 and a 200 day moving average price of $49.76. Sysco Corp. has a 1-year low of $38.84 and a 1-year high of $53.97.

Sysco Corp. (NYSE:SYY) last posted its earnings results on Monday, August 15th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The business had revenue of $13.65 billion for the quarter, compared to the consensus estimate of $13.68 billion. During the same period last year, the company earned $0.52 EPS. The firm’s revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that Sysco Corp. will post $2.32 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 28th. Shareholders of record on Friday, October 7th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $1.24 annualized dividend and a yield of 2.58%. Sysco Corp.’s payout ratio is 75.15%.

SYY has been the subject of a number of recent research reports. Argus lifted their target price on Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 19th. Bank of America Corp. set a $54.00 target price on Sysco Corp. and gave the company a “hold” rating in a report on Saturday, September 17th. Vetr upgraded Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 target price for the company in a report on Monday, September 12th. Jefferies Group reiterated a “hold” rating and issued a $50.00 target price on shares of Sysco Corp. in a report on Friday, September 30th. Finally, Deutsche Bank AG initiated coverage on Sysco Corp. in a report on Monday, July 18th. They issued a “hold” rating and a $52.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $50.45.

In other Sysco Corp. news, insider William B. Day sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the completion of the transaction, the insider now owns 201,283 shares in the company, valued at approximately $10,372,112.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $49.02, for a total transaction of $985,988.28. Following the transaction, the chief executive officer now owns 422,507 shares of the company’s stock, valued at approximately $20,711,293.14. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Sysco Corp. Company Profile

Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.

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