Piper Sandler Trims Sysco (NYSE:SYY) Target Price to $79.00

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

Other analysts have also recently issued reports about the company. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. Stephens lifted their target price on shares of Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on Sysco from $84.00 to $87.00 and gave the stock an overweight rating in a report on Tuesday, March 19th. BMO Capital Markets upped their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday, January 31st. Finally, Barclays boosted their price target on shares of Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Sysco currently has an average rating of Moderate Buy and a consensus target price of $84.56.

Sysco Stock Up 1.5 %

Shares of SYY stock opened at $75.36 on Wednesday. The stock has a 50 day moving average of $78.76 and a 200-day moving average of $75.09. The firm has a market cap of $37.52 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. The company has a quick ratio of 0.80, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business posted $0.90 EPS. On average, equities analysts predict that Sysco will post 4.33 EPS for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.71%. Sysco’s dividend payout ratio is presently 48.78%.

Insider Transactions at Sysco

In other Sysco 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 value 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 legal filing with the SEC, which is available through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sysco

Several hedge funds have recently added to or reduced their stakes in SYY. Invesco Ltd. raised its position in shares of Sysco by 11.0% in 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 during the period. Capital World Investors bought a new position in shares of Sysco during the fourth quarter worth $683,599,000. Norges Bank acquired a new position in shares of Sysco in the 4th quarter valued at $450,794,000. Northern Trust Corp raised its stake in 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 buying an additional 178,464 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Sysco by 4.9% during the third quarter. Bank of New York Mellon Corp now owns 5,651,746 shares of the company’s stock worth $373,298,000 after acquiring an additional 265,621 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

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.