Sysco (NYSE:SYY) Price Target Cut to $85.00 by Analysts at JPMorgan Chase & Co.

Sysco (NYSE:SYY) had its target price trimmed by JPMorgan Chase & Co. from $87.00 to $85.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

SYY has been the topic of several other reports. UBS Group lowered their price target on shares of Sysco from $92.00 to $87.00 and set a buy rating on the stock in a research note on Wednesday, May 1st. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Barclays raised their price target on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Truist Financial dropped their price objective on Sysco from $91.00 to $87.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Finally, Stephens raised their target price on shares of Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Sysco currently has a consensus rating of Moderate Buy and a consensus price target of $85.11.

Sysco Stock Performance

Shares of Sysco stock opened at $72.87 on Thursday. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The firm has a market cap of $36.29 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.16. The stock’s 50-day moving average is $77.25 and its 200-day moving average is $76.10. Sysco has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. Equities analysts predict that Sysco will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 2.80%. Sysco’s dividend payout ratio is presently 48.78%.

Insider Buying and Selling

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

Institutional Trading of Sysco

Hedge funds and other 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 fourth quarter valued at approximately $26,000. Verity & Verity LLC acquired a new stake in Sysco during the first quarter worth approximately $26,000. AdvisorNet Financial Inc increased its stake in Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after acquiring an additional 159 shares during the period. Burkett Financial Services LLC acquired a new position in Sysco in the 4th quarter valued at $30,000. Finally, OFI Invest Asset Management bought a new stake in shares of Sysco during the 1st quarter valued at $31,000. Institutional investors and hedge funds 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.