Sysco (NYSE:SYY) PT Lowered to $79.00

Sysco (NYSE:SYY) had its price objective lowered by equities researchers at Piper Sandler from $83.00 to $79.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 7.98% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Barclays boosted their price target on Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on shares of Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Stephens increased their price target on Sysco from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, BMO Capital Markets upped their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average target price of $84.67.

Sysco Trading Down 1.6 %

NYSE:SYY traded down $1.16 on Wednesday, hitting $73.16. 1,041,139 shares of the stock were exchanged, compared to its average volume of 2,923,447. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The stock has a market cap of $36.42 billion, a PE ratio of 17.91, a PEG ratio of 1.56 and a beta of 1.15. The stock has a fifty day moving average of $79.02 and a 200-day moving average of $75.11.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. As a group, equities analysts expect that Sysco will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYY. Invesco Ltd. grew its holdings 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 acquiring an additional 1,076,287 shares in the last quarter. Capital World Investors purchased a new position in Sysco in the fourth quarter valued at about $683,599,000. Norges Bank acquired a new position in Sysco in the 4th quarter worth about $450,794,000. Northern Trust Corp raised its stake in shares of Sysco by 3.0% during the 3rd quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock worth $405,435,000 after purchasing an additional 178,464 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $373,298,000 after buying an additional 265,621 shares during the last quarter. 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.