Sysco (NYSE:SYY) Price Target Lowered to $79.00 at Piper Sandler

Sysco (NYSE:SYY) had its target price reduced by Piper Sandler from $83.00 to $79.00 in a research report report published on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Barclays raised their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Stephens lifted their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. BMO Capital Markets increased their price objective on Sysco from $85.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. boosted their target price on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. Finally, StockNews.com downgraded Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Sysco has a consensus rating of Moderate Buy and a consensus price target of $84.90.

Sysco Stock Performance

SYY stock opened at $73.04 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The firm has a market cap of $36.36 billion, a PE ratio of 17.81, a P/E/G ratio of 1.50 and a beta of 1.16. The business has a 50 day moving average of $78.89 and a 200-day moving average of $75.09. Sysco has a 12-month low of $62.24 and a 12-month high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. As a group, sell-side analysts expect that Sysco will post 4.33 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a dividend of $0.51 per share. This is a boost from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.79%. Sysco’s dividend payout ratio is 48.78%.

Insider Buying and Selling at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the 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 directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Family Firm Inc. purchased a new stake in shares of Sysco in the 1st quarter valued at about $222,000. Main Street Research LLC purchased a new position in Sysco in the 1st quarter worth approximately $201,000. Schulhoff & Co. Inc. increased its holdings in shares of Sysco by 2.5% in the 1st quarter. Schulhoff & Co. Inc. now owns 12,892 shares of the company’s stock worth $1,047,000 after buying an additional 310 shares during the last quarter. Fortem Financial Group LLC raised its position in shares of Sysco by 6.8% during the 1st quarter. Fortem Financial Group LLC now owns 5,496 shares of the company’s stock valued at $446,000 after buying an additional 351 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Sysco by 499.4% during the 1st quarter. Blue Trust Inc. now owns 18,725 shares of the company’s stock worth $1,520,000 after acquiring an additional 15,601 shares during the last quarter. 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.