Sysco (NYSE:SYY) Price Target Cut to $82.00

Sysco (NYSE:SYYFree Report) had its price target lowered by Morgan Stanley from $84.00 to $82.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Stephens lifted their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. raised their price objective on shares of Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research report on Tuesday, March 19th. Barclays raised their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Finally, Piper Sandler decreased their price objective on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $85.11.

Read Our Latest Report on Sysco

Sysco Price Performance

Shares of NYSE SYY opened at $72.95 on Thursday. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a 50 day simple moving average of $77.09 and a two-hundred day simple moving average of $76.27. The company has a market capitalization of $36.33 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 1.94 and a beta of 1.16. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34.

Sysco (NYSE:SYYGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts expect that Sysco will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.51 dividend. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s payout ratio is currently 48.78%.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction on 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 directly owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is currently owned by insiders.

Institutional Trading of Sysco

Institutional investors and hedge funds have recently bought and sold shares of the stock. Professional Advisory Services Inc. bought a new stake in Sysco in the 4th quarter valued at $20,057,000. Harbour Trust & Investment Management Co bought a new stake in shares of Sysco in the 4th quarter worth about $4,623,000. Pacer Advisors Inc. increased its holdings in shares of Sysco by 40.1% in the 4th quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock worth $6,014,000 after buying an additional 23,558 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sysco by 16.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock worth $21,865,000 after buying an additional 41,618 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC increased its holdings in shares of Sysco by 161.7% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 18,238 shares of the company’s stock worth $1,205,000 after buying an additional 11,269 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors.

Sysco Company Profile

(Get Free Report)

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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Analyst Recommendations for Sysco (NYSE:SYY)

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