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

Sysco (NYSE:SYY) had its price target reduced by Truist Financial from $91.00 to $87.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Stephens upped their price objective on shares of Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Piper Sandler decreased their price objective on Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a report on Wednesday, May 1st. Barclays upped their target price on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. raised their price target on Sysco from $84.00 to $87.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. Finally, BMO Capital Markets increased their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $84.56.

Sysco Trading Up 1.5 %

Shares of Sysco stock opened at $75.36 on Thursday. The business has a 50 day moving average price of $78.65 and a 200 day moving average price of $75.31. The company has a market capitalization of $37.53 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.92 and a beta of 1.16. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.80. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts anticipate that Sysco will post 4.31 EPS for the current fiscal year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Insider Buying and Selling

In other Sysco news, CAO Neil Russell sold 1,722 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.58% of the stock is owned by corporate insiders.

Institutional Trading of Sysco

A number of hedge funds have recently made changes to their positions in SYY. Capital World Investors purchased a new stake in Sysco during the 4th quarter worth $683,599,000. Norges Bank acquired a new stake in Sysco during the 4th quarter valued at approximately $450,794,000. Capital Research Global Investors purchased a new stake in Sysco during the 4th quarter worth approximately $227,241,000. The Manufacturers Life Insurance Company raised its position in shares of Sysco by 132.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares in the last quarter. Finally, Fiduciary Management Inc. WI boosted its stake in shares of Sysco by 92.1% during the 4th quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock valued at $191,596,000 after buying an additional 1,255,908 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Company Profile

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.