Sysco (NYSE:SYY) Given New $87.00 Price Target at Truist Financial

Sysco (NYSE:SYY) had its price objective dropped by investment analysts at Truist Financial from $91.00 to $87.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 18.51% from the stock’s current price.

A number of other analysts have also weighed in on SYY. JPMorgan Chase & Co. raised their price target on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. UBS Group reduced their target price on Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. Piper Sandler dropped their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Barclays increased their target price on Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $84.90.

Sysco Price Performance

Shares of Sysco stock traded up $0.36 during mid-day trading on Thursday, reaching $73.41. 182,376 shares of the stock were exchanged, compared to its average volume of 2,938,950. The company has a current ratio of 1.34, a quick ratio of 0.80 and a debt-to-equity ratio of 5.77. The company has a market cap of $36.55 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The firm has a 50-day simple moving average of $78.89 and a 200 day simple moving average of $75.09.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. On average, sell-side analysts predict that Sysco will post 4.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Neil Russell sold 1,722 shares of the stock in a transaction dated Wednesday, March 6th. The shares were 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 of the company’s stock, valued at approximately $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is owned by insiders.

Institutional Trading of Sysco

Institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. raised its stake in shares of Sysco by 11.0% during the 3rd quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock valued at $717,283,000 after purchasing an additional 1,076,287 shares during the period. Capital World Investors bought a new stake in Sysco in the 4th quarter worth approximately $683,599,000. Norges Bank bought a new stake in shares of Sysco in the 4th quarter worth approximately $450,794,000. Northern Trust Corp boosted its position in Sysco by 3.0% during the third quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock valued at $405,435,000 after buying an additional 178,464 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Sysco by 4.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,651,746 shares of the company’s stock worth $373,298,000 after acquiring an additional 265,621 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

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.