Morgan Stanley Cuts Sysco (NYSE:SYY) Price Target to $77.00

Sysco (NYSE:SYY) had its price objective dropped by equities researchers at Morgan Stanley from $79.00 to $77.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 6.34% from the stock’s current price.

SYY has been the subject of several other reports. Barclays lowered their target price on Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday. Wells Fargo & Company lowered their price objective on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Melius began coverage on Sysco in a research report on Wednesday, December 18th. They issued a “hold” rating and a $85.00 target price on the stock. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, Truist Financial cut their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $85.21.

Sysco Trading Up 0.2 %

Shares of NYSE SYY traded up $0.13 during trading on Wednesday, hitting $72.41. 2,436,753 shares of the company traded hands, compared to its average volume of 3,133,967. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The firm has a market capitalization of $35.57 billion, a P/E ratio of 18.60, a P/E/G ratio of 2.04 and a beta of 1.18. The company has a 50-day moving average price of $76.43 and a 200-day moving average price of $76.03. Sysco has a 1 year low of $69.03 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. Sysco had a net margin of 2.44% and a return on equity of 101.04%. During the same period last year, the company earned $0.89 earnings per share. On average, equities analysts predict that Sysco will post 4.57 EPS for the current year.

Insider Transactions at Sysco

In other news, SVP Eve M. Mcfadden sold 6,499 shares of Sysco stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total value of $519,920.00. Following the transaction, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at $3,876,080. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sheila Talton sold 2,900 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total transaction of $216,427.00. Following the completion of the sale, the director now owns 12,955 shares of the company’s stock, valued at approximately $966,831.65. This trade represents a 18.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 83,306 shares of company stock valued at $6,485,050 in the last quarter. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Sysco

A number of institutional investors have recently bought and sold shares of SYY. State Street Corp lifted its position in Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock worth $2,130,617,000 after buying an additional 2,721,449 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Sysco during the third quarter worth $137,900,000. Nordea Investment Management AB boosted its position in Sysco by 52.3% during the fourth quarter. Nordea Investment Management AB now owns 2,719,478 shares of the company’s stock valued at $208,666,000 after purchasing an additional 933,327 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Sysco by 11.2% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock worth $521,874,000 after purchasing an additional 672,940 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Sysco in the 3rd quarter valued at approximately $44,722,000. 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.