Sysco (NYSE:SYY) Price Target Lowered to $87.00 at Truist Financial

Sysco (NYSE:SYY) had its price objective cut by Truist Financial from $91.00 to $87.00 in a research note published on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on SYY. Barclays boosted their price target on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. upped their price objective on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a report on Tuesday, March 19th. UBS Group cut their price objective on Sysco from $92.00 to $87.00 and set a buy rating for the company in a report on Wednesday. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a report on Wednesday. Finally, StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Sysco currently has an average rating of Moderate Buy and an average price target of $84.56.

Sysco Stock Performance

NYSE:SYY traded up $1.11 during midday trading on Thursday, reaching $75.36. 2,709,679 shares of the company traded hands, compared to its average volume of 2,778,819. Sysco has a twelve month low of $62.24 and a twelve month high of $82.89. The firm has a market capitalization of $37.53 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.89 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. The company has a fifty day moving average price of $78.76 and a 200 day moving average price of $75.09.

Sysco (NYSE:SYY) last released 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. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. During the same quarter in the previous year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts expect that Sysco will post 4.31 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. Stockholders of record on Friday, July 5th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend 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 is 48.78%.

Insider Activity at Sysco

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

Hedge Funds Weigh In On Sysco

Institutional investors have recently bought and sold shares of the business. First United Bank & Trust acquired a new stake in shares of Sysco in the 4th quarter valued at $26,000. AdvisorNet Financial Inc increased its stake in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after buying an additional 159 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Sysco in the 1st quarter valued at $31,000. Burkett Financial Services LLC acquired a new stake in shares of Sysco in the 4th quarter valued at $30,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Sysco in the 4th quarter valued at $34,000. 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.