Sysco (NYSE:SYY) Price Target Raised to $92.00

Sysco (NYSE:SYY) had its price target hoisted by Jefferies Financial Group from $91.00 to $92.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently issued reports on the stock. Guggenheim upgraded shares of Sysco from a neutral rating to a buy rating and set a $85.00 price objective on the stock in a report on Tuesday, May 28th. Barclays upped their price target on Sysco from $85.00 to $88.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Truist Financial decreased their price objective on Sysco from $87.00 to $85.00 and set a buy rating on the stock in a report on Monday, June 24th. Bank of America cut their target price on Sysco from $91.00 to $87.00 and set a buy rating for the company in a research note on Thursday, July 18th. Finally, Morgan Stanley decreased their price target on shares of Sysco from $82.00 to $81.00 and set an equal weight rating on the stock in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $86.08.

Sysco Price Performance

NYSE SYY opened at $77.65 on Wednesday. The stock has a 50-day simple moving average of $76.13 and a 200 day simple moving average of $75.49. Sysco has a twelve month low of $62.24 and a twelve month high of $82.89. The stock has a market capitalization of $38.17 billion, a PE ratio of 18.87, a P/E/G ratio of 1.99 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same period in the prior year, the business earned $1.34 earnings per share. Sysco’s revenue for the quarter was up 4.2% compared to the same quarter last year. Research analysts anticipate that Sysco will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is currently 49.76%.

Institutional Trading of Sysco

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TruNorth Capital Management LLC acquired a new position in Sysco during the 2nd quarter worth $25,000. Burkett Financial Services LLC acquired a new stake in Sysco in the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new stake in Sysco during the 1st quarter worth about $31,000. Fairscale Capital LLC acquired a new position in Sysco during the 2nd quarter valued at about $38,000. Finally, Fairman Group LLC bought a new position in shares of Sysco in the 4th quarter valued at about $39,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

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.