Sysco (NYSE:SYY) Price Target Raised to $87.00

Sysco (NYSE:SYYFree Report) had its price objective lifted by JPMorgan Chase & Co. from $84.00 to $87.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. Barclays raised their target price on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. BMO Capital Markets lifted their price objective on Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research report on Wednesday, January 31st. Finally, Stephens boosted their price objective on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sysco presently has an average rating of Moderate Buy and a consensus target price of $85.38.

Check Out Our Latest Stock Report on SYY

Sysco Trading Up 0.8 %

Shares of SYY stock opened at $81.33 on Tuesday. The stock’s fifty day moving average price is $78.83 and its two-hundred day moving average price is $72.83. The company has a market cap of $40.49 billion, a PE ratio of 19.89, a P/E/G ratio of 1.64 and a beta of 1.16. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.80 and a current ratio of 1.37.

Sysco (NYSE:SYYGet Free Report) last released its quarterly earnings data on Tuesday, January 30th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The company had revenue of $19.29 billion for the quarter, compared to the consensus estimate of $19.32 billion. During the same quarter last year, the business posted $0.80 EPS. Sysco’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts predict that Sysco will post 4.3 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, April 4th. This represents a $2.00 annualized dividend and a dividend yield of 2.46%. Sysco’s dividend payout ratio is currently 48.90%.

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the sale, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sysco

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its position in Sysco by 1.7% in the 2nd quarter. BlackRock Inc. now owns 32,931,823 shares of the company’s stock worth $2,443,541,000 after purchasing an additional 549,086 shares in the last quarter. State Street Corp grew its position in Sysco by 1.5% in the 2nd quarter. State Street Corp now owns 24,451,298 shares of the company’s stock worth $1,814,286,000 after purchasing an additional 357,246 shares in the last quarter. Invesco Ltd. grew its position in Sysco by 11.0% in the 3rd quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock worth $717,283,000 after purchasing an additional 1,076,287 shares in the last quarter. Capital World Investors bought a new stake in Sysco in the 4th quarter worth about $683,599,000. Finally, Geode Capital Management LLC grew its position in Sysco by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 9,139,393 shares of the company’s stock worth $676,047,000 after purchasing an additional 229,696 shares in the last quarter. Institutional investors and hedge funds own 80.60% 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 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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