Sysco (NYSE:SYY) Price Target Cut to $81.00

Sysco (NYSE:SYY) had its price objective lowered by Morgan Stanley from $82.00 to $81.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on the company. Truist Financial reduced their target price on Sysco from $87.00 to $85.00 and set a buy rating on the stock in a research note on Monday, June 24th. UBS Group decreased their price target on shares of Sysco from $92.00 to $87.00 and set a buy rating for the company in a research note on Wednesday, May 1st. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. JPMorgan Chase & Co. decreased their target price on Sysco from $87.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. Finally, BMO Capital Markets lowered their target price on Sysco from $90.00 to $85.00 and set an outperform rating for the company in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and ten have given 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 $85.00.

Sysco Stock Down 1.0 %

Shares of NYSE SYY opened at $73.63 on Tuesday. The stock has a market capitalization of $36.67 billion, a P/E ratio of 17.96, a PEG ratio of 2.02 and a beta of 1.18. Sysco has a one year low of $62.24 and a one year high of $82.89. The firm’s 50 day simple moving average is $72.60 and its two-hundred day simple moving average is $76.16. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last issued its 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 return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same period in the prior year, the business posted $0.90 EPS. Sysco’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts expect that Sysco will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The business 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 is a boost from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is currently 49.76%.

Hedge Funds Weigh In On Sysco

Several large investors have recently modified their holdings of SYY. Wedmont Private Capital purchased a new position in Sysco in the 4th quarter worth approximately $334,000. Gateway Investment Advisers LLC raised its stake in shares of Sysco by 31.2% in the fourth quarter. Gateway Investment Advisers LLC now owns 18,464 shares of the company’s stock worth $1,350,000 after purchasing an additional 4,393 shares during the last quarter. Cornerstone Wealth Management LLC lifted its holdings in shares of Sysco by 17.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 9,585 shares of the company’s stock valued at $701,000 after purchasing an additional 1,446 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its position in shares of Sysco by 19.6% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 9,062 shares of the company’s stock valued at $663,000 after buying an additional 1,485 shares during the last quarter. Finally, BKM Wealth Management LLC bought a new stake in Sysco in the 4th quarter worth about $144,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

About Sysco

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.