Sysco (NYSE:SYY) Given New $87.00 Price Target at Morgan Stanley

Sysco (NYSE:SYY – Get Rating) had its target price upped by Morgan Stanley from $86.00 to $87.00 in a research note released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

SYY has been the subject of a number of other reports. Barclays cut their price objective on Sysco from $100.00 to $92.00 and set an overweight rating for the company in a research report on Thursday, October 20th. StockNews.com raised Sysco from a buy rating to a strong-buy rating in a research report on Wednesday, December 21st. Argus lifted their price target on Sysco from $92.00 to $96.00 and gave the stock a buy rating in a report on Wednesday, November 2nd. Wells Fargo & Company dropped their price target on Sysco from $95.00 to $87.00 and set an overweight rating for the company in a report on Wednesday, January 4th. Finally, Stephens reissued an overweight rating and set a $90.00 price target on shares of Sysco in a report on Friday, January 13th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $91.60.

Sysco Stock Down 0.4 %

SYY stock opened at $76.97 on Wednesday. Sysco has a twelve month low of $70.61 and a twelve month high of $91.53. The company has a market cap of $39.01 billion, a price-to-earnings ratio of 27.29, a P/E/G ratio of 2.15 and a beta of 1.11. The business has a 50 day moving average price of $81.27 and a two-hundred day moving average price of $81.69. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 9.20.

Sysco (NYSE:SYY – Get Rating) last released its quarterly earnings data on Tuesday, November 1st. The company reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.02). Sysco had a net margin of 2.03% and a return on equity of 137.76%. The business had revenue of $19.13 billion during the quarter, compared to analyst estimates of $18.63 billion. Analysts anticipate that Sysco will post 4.16 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Friday, January 6th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Thursday, January 5th. This represents a $1.96 annualized dividend and a yield of 2.55%. Sysco’s dividend payout ratio is presently 69.50%.

Insider Activity

In other news, CEO Kevin Hourican sold 75,019 shares of Sysco stock in a transaction on Monday, October 24th. The stock was sold at an average price of $81.22, for a total value of $6,093,043.18. Following the transaction, the chief executive officer now owns 303,643 shares in the company, valued at approximately $24,661,884.46. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Kevin Hourican sold 75,019 shares of Sysco stock in a transaction on Monday, October 24th. The stock was sold at an average price of $81.22, for a total value of $6,093,043.18. Following the transaction, the chief executive officer now owns 303,643 shares in the company, valued at approximately $24,661,884.46. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Greg D. Bertrand sold 12,000 shares of Sysco stock in a transaction on Friday, October 28th. The shares were sold at an average price of $85.00, for a total value of $1,020,000.00. Following the completion of the transaction, the executive vice president now owns 40,931 shares in the company, valued at approximately $3,479,135. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Sysco

Hedge funds and other institutional investors have recently modified their holdings of the business. Ceredex Value Advisors LLC bought a new stake in Sysco during the 3rd quarter worth $86,016,000. Renaissance Technologies LLC grew its position in Sysco by 660.7% during the 3rd quarter. Renaissance Technologies LLC now owns 1,374,500 shares of the company’s stock worth $97,191,000 after acquiring an additional 1,193,800 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Sysco by 27.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,187,525 shares of the company’s stock worth $439,437,000 after acquiring an additional 1,111,654 shares during the last quarter. Victory Capital Management Inc. grew its position in Sysco by 14.9% during the 3rd quarter. Victory Capital Management Inc. now owns 7,369,863 shares of the company’s stock worth $521,123,000 after acquiring an additional 953,110 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Sysco by 10,810.9% during the 2nd quarter. Los Angeles Capital Management LLC now owns 839,484 shares of the company’s stock worth $71,113,000 after acquiring an additional 831,790 shares during the last quarter. Institutional investors own 81.18% of the company’s stock.

About Sysco

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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.