Sysco (NYSE:SYY) Price Target Cut to $79.00 by Analysts at Piper Sandler

Sysco (NYSE:SYY) had its price target reduced by Piper Sandler from $83.00 to $79.00 in a report published on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

SYY has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price objective on shares of Sysco from $84.00 to $87.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. Stephens upped their price objective on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Barclays lifted their target price on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Finally, BMO Capital Markets lifted their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note 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. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $84.56.

Sysco Trading Up 1.5 %

Shares of Sysco stock opened at $75.36 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The firm has a market cap of $37.53 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.92 and a beta of 1.16. Sysco has a twelve month low of $62.24 and a twelve month high of $82.89. The business has a 50-day moving average price of $78.65 and a 200-day moving average price of $75.16.

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

Sysco Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, July 5th. 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 2.71%. Sysco’s dividend payout ratio is presently 48.78%.

Insider Activity at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction that occurred on 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 directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. First United Bank & Trust bought a new stake in shares of Sysco in the fourth quarter valued at about $26,000. Verity & Verity LLC bought a new stake in shares of Sysco in the 1st quarter valued at about $26,000. AdvisorNet Financial Inc lifted its position in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after purchasing an additional 159 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of Sysco by 74.6% during the third quarter. Hexagon Capital Partners LLC now owns 419 shares of the company’s stock valued at $28,000 after purchasing an additional 179 shares in the last quarter. Finally, Burkett Financial Services LLC purchased a new position in Sysco during the fourth quarter valued at approximately $30,000. 83.41% of the stock is currently 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.