Piper Jaffray Companies Initiates Coverage on SYSCO (NYSE:SYY)

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Analysts at Piper Jaffray Companies assumed coverage on shares of SYSCO (NYSE:SYY) in a report issued on Thursday, The Fly reports. The firm set an “overweight” rating and a $94.00 price target on the stock. Piper Jaffray Companies’ target price points to a potential upside of 13.42% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. Bank of America raised their price target on SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. BMO Capital Markets raised their price target on SYSCO to $88.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Loop Capital raised their price target on SYSCO to $86.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $78.23.

Shares of NYSE:SYY opened at $82.88 on Thursday. The company has a market cap of $42.42 billion, a P/E ratio of 23.35, a P/E/G ratio of 2.32 and a beta of 0.47. The stock’s 50-day moving average is $80.62 and its 200-day moving average is $75.46. SYSCO has a 52-week low of $59.44 and a 52-week high of $83.43. The company has a debt-to-equity ratio of 3.74, a quick ratio of 0.84 and a current ratio of 1.39.

SYSCO (NYSE:SYY) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.01. The company had revenue of $15.30 billion for the quarter, compared to the consensus estimate of $15.53 billion. SYSCO had a return on equity of 79.60% and a net margin of 2.82%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. As a group, equities analysts predict that SYSCO will post 3.82 EPS for the current year.

In related news, SVP Brian R. Todd sold 14,706 shares of SYSCO stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $78.99, for a total transaction of $1,161,626.94. Following the sale, the senior vice president now directly owns 30,273 shares of the company’s stock, valued at $2,391,264.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert S. Charlton sold 28,948 shares of SYSCO stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $80.43, for a total value of $2,328,287.64. Following the sale, the executive vice president now directly owns 46,087 shares in the company, valued at $3,706,777.41. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,225 shares of company stock worth $15,952,778. 5.24% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC bought a new position in SYSCO during the second quarter worth about $25,000. SRS Capital Advisors Inc. bought a new position in SYSCO during the second quarter worth about $28,000. Neo Ivy Capital Management bought a new position in SYSCO during the second quarter worth about $32,000. Usca Ria LLC bought a new position in SYSCO during the third quarter worth about $35,000. Finally, FinTrust Capital Advisors LLC lifted its stake in SYSCO by 55.2% during the second quarter. FinTrust Capital Advisors LLC now owns 523 shares of the company’s stock worth $37,000 after purchasing an additional 186 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

SYSCO Company Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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The Fly

Analyst Recommendations for SYSCO (NYSE:SYY)

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