StockNews.com Downgrades Sysco (NYSE:SYY) to Buy

Sysco (NYSE:SYYGet Rating) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Monday.

A number of other brokerages also recently weighed in on SYY. Deutsche Bank Aktiengesellschaft boosted their target price on Sysco from $82.00 to $84.00 in a research note on Wednesday, May 11th. Piper Sandler boosted their target price on Sysco from $83.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, April 8th. Credit Suisse Group boosted their target price on Sysco from $97.00 to $107.00 in a research note on Wednesday, May 11th. Morgan Stanley boosted their target price on Sysco from $86.00 to $94.00 in a research note on Wednesday, May 11th. Finally, Argus upgraded Sysco from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday, February 22nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $93.67.

SYY traded up $0.33 during midday trading on Monday, reaching $78.77. 130,883 shares of the company were exchanged, compared to its average volume of 2,529,059. The company has a debt-to-equity ratio of 8.03, a quick ratio of 0.72 and a current ratio of 1.24. The company’s fifty day moving average price is $83.84 and its 200 day moving average price is $81.21. The company has a market cap of $40.13 billion, a price-to-earnings ratio of 40.60, a price-to-earnings-growth ratio of 2.22 and a beta of 1.15. Sysco has a one year low of $68.05 and a one year high of $91.53.

Sysco (NYSE:SYYGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.17. The firm had revenue of $16.90 billion during the quarter, compared to analyst estimates of $15.99 billion. Sysco had a return on equity of 100.62% and a net margin of 1.52%. The company’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. As a group, sell-side analysts anticipate that Sysco will post 3.23 earnings per share for the current fiscal year.

In other news, CEO Kevin Hourican sold 75,018 shares of the company’s stock in a transaction on Friday, April 8th. The shares were sold at an average price of $86.00, for a total value of $6,451,548.00. Following the transaction, the chief executive officer now owns 88,477 shares of the company’s stock, valued at $7,609,022. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Greg D. Bertrand sold 50,000 shares of the company’s stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $90.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the executive vice president now directly owns 32,324 shares in the company, valued at approximately $2,909,160. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MML Investors Services LLC increased its stake in Sysco by 5.1% in the fourth quarter. MML Investors Services LLC now owns 38,522 shares of the company’s stock valued at $3,026,000 after acquiring an additional 1,882 shares during the last quarter. North Star Asset Management Inc. grew its stake in shares of Sysco by 0.8% during the fourth quarter. North Star Asset Management Inc. now owns 117,345 shares of the company’s stock valued at $9,218,000 after buying an additional 970 shares during the last quarter. National Pension Service grew its stake in shares of Sysco by 8.5% during the third quarter. National Pension Service now owns 747,330 shares of the company’s stock valued at $58,665,000 after buying an additional 58,309 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Sysco by 144.6% during the third quarter. BNP Paribas Arbitrage SA now owns 393,052 shares of the company’s stock valued at $30,855,000 after buying an additional 232,378 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Sysco by 2.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 328,003 shares of the company’s stock valued at $25,764,000 after buying an additional 8,164 shares during the last quarter. 80.64% of the stock is currently owned by institutional investors and hedge funds.

Sysco Company Profile (Get Rating)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products primarily 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.

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