JPMorgan Chase & Co. Raises Sysco (NYSE:SYY) Price Target to $85.00

Sysco (NYSE:SYY) had its target price raised by research analysts at JPMorgan Chase & Co. from $80.00 to $85.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 5.51% from the company’s current price.

A number of other equities analysts also recently issued reports on SYY. Morgan Stanley increased their price target on Sysco from $76.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Monday. Piper Sandler raised their price target on Sysco from $82.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, March 18th. Zacks Investment Research downgraded Sysco from a “hold” rating to a “sell” rating and set a $77.00 price target for the company. in a report on Wednesday, February 3rd. Finally, Wells Fargo & Company raised their price target on Sysco from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Wednesday, January 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Sysco has a consensus rating of “Hold” and an average price target of $79.56.

NYSE:SYY opened at $80.56 on Monday. The stock’s fifty day moving average is $80.30 and its 200 day moving average is $73.49. Sysco has a fifty-two week low of $44.17 and a fifty-two week high of $83.97. The firm has a market capitalization of $41.12 billion, a PE ratio of -1,150.69, a PEG ratio of 3.79 and a beta of 1.38. The company has a debt-to-equity ratio of 9.56, a quick ratio of 1.30 and a current ratio of 1.73.

Sysco (NYSE:SYY) last released its earnings results on Monday, February 1st. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). Sysco had a positive return on equity of 39.64% and a negative net margin of 0.04%. The business had revenue of $11.56 billion during the quarter, compared to analysts’ expectations of $12.30 billion. During the same quarter in the previous year, the business earned $0.85 EPS. The business’s revenue for the quarter was down 23.1% on a year-over-year basis. Equities analysts forecast that Sysco will post 1.83 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Summitry LLC raised its stake in Sysco by 1.0% during the 4th quarter. Summitry LLC now owns 50,243 shares of the company’s stock valued at $3,731,000 after acquiring an additional 512 shares during the last quarter. Nicholas Company Inc. raised its stake in Sysco by 49.0% during the 4th quarter. Nicholas Company Inc. now owns 93,500 shares of the company’s stock valued at $6,943,000 after acquiring an additional 30,745 shares during the last quarter. Allen Investment Management LLC raised its stake in Sysco by 12.1% during the 4th quarter. Allen Investment Management LLC now owns 2,505,105 shares of the company’s stock valued at $186,029,000 after acquiring an additional 270,101 shares during the last quarter. Meyer Handelman Co. raised its stake in Sysco by 1.9% during the 4th quarter. Meyer Handelman Co. now owns 574,368 shares of the company’s stock valued at $42,653,000 after acquiring an additional 10,650 shares during the last quarter. Finally, Waycross Partners LLC purchased a new position in shares of Sysco during the 4th quarter worth approximately $2,693,000. 81.02% of the stock is owned by hedge funds and other institutional investors.

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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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