Sysco (NYSE:SYY) Price Target Lowered to $85.00 at Barclays

Sysco (NYSE:SYY) had its price target cut by Barclays from $88.00 to $85.00 in a research note released on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on SYY. Morgan Stanley reduced their target price on shares of Sysco from $84.00 to $82.00 and set an equal weight rating for the company in a report on Thursday. JPMorgan Chase & Co. decreased their target price on Sysco from $87.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday. Piper Sandler reduced their price target on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a research note on Wednesday, May 1st. BMO Capital Markets decreased their price objective on Sysco from $90.00 to $85.00 and set an outperform rating on the stock in a report on Thursday. Finally, Stephens lifted their target price on Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Sysco presently has an average rating of Moderate Buy and an average price target of $85.11.

Sysco Price Performance

NYSE:SYY opened at $72.87 on Thursday. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The stock’s 50-day simple moving average is $77.25 and its 200 day simple moving average is $76.10. The company has a market cap of $36.29 billion, a P/E ratio of 17.77, a P/E/G ratio of 1.93 and a beta of 1.16. Sysco has a 52-week low of $62.24 and a 52-week high of $82.89.

Sysco (NYSE:SYY) last released its earnings results 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 business had revenue of $19.38 billion for 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%. Sysco’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. As a group, sell-side analysts forecast that Sysco will post 4.31 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 issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Friday, July 5th. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Insider Activity

In related 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 completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Institutional Trading of Sysco

A number of large investors have recently bought and sold shares of the company. Professional Advisory Services Inc. purchased a new position in shares of Sysco in the fourth quarter valued at $20,057,000. Harbour Trust & Investment Management Co bought a new stake in Sysco during the fourth quarter valued at $4,623,000. Pacer Advisors Inc. boosted its stake in Sysco by 40.1% during the fourth quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after buying an additional 23,558 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sysco by 16.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after buying an additional 41,618 shares during the period. Finally, Sherbrooke Park Advisers LLC boosted its stake in Sysco by 161.7% during the third quarter. Sherbrooke Park Advisers LLC now owns 18,238 shares of the company’s stock valued at $1,205,000 after buying an additional 11,269 shares during the period. 83.41% of the stock is owned by hedge funds and other institutional investors.

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.