JPMorgan Chase & Co. Cuts Sysco (NYSE:SYY) Price Target to $82.00

Sysco (NYSE:SYY) had its price objective lowered by JPMorgan Chase & Co. from $86.00 to $82.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

SYY has been the topic of several other reports. Wells Fargo & Company decreased their target price on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. UBS Group reduced their price objective on shares of Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Barclays reduced their price objective on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 29th. Jefferies Financial Group increased their price objective on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Truist Financial reduced their price objective on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Sysco has a consensus rating of “Moderate Buy” and a consensus target price of $84.38.

Sysco Stock Down 0.3 %

Shares of NYSE SYY opened at $71.20 on Tuesday. The firm’s 50-day moving average price is $76.00 and its 200-day moving average price is $75.95. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. The stock has a market capitalization of $34.83 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 1.93 and a beta of 1.18. Sysco has a 12-month low of $69.03 and a 12-month high of $82.33.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same quarter in the previous year, the business posted $0.89 EPS. On average, equities research analysts anticipate that Sysco will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 24th. Stockholders of record on Friday, January 3rd were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, January 3rd. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Insider Transactions at Sysco

In other news, Director Sheila Talton sold 2,900 shares of the 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 transaction, the director now directly owns 12,955 shares in the company, valued at approximately $966,831.65. This trade represents a 18.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the transaction, the executive vice president now owns 56,304 shares in the company, valued at approximately $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,270 shares of company stock valued at $6,181,946. 0.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sysco

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Armstrong Advisory Group Inc. boosted its stake in Sysco by 1,240.0% in the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock valued at $26,000 after acquiring an additional 310 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in Sysco in the third quarter valued at approximately $26,000. Stonebridge Financial Group LLC acquired a new stake in Sysco in the fourth quarter valued at approximately $31,000. Valley Wealth Managers Inc. acquired a new stake in Sysco in the third quarter valued at approximately $31,000. Finally, Sherman Asset Management Inc. acquired a new stake in Sysco in the fourth quarter valued at approximately $31,000. 83.41% of the stock is currently owned by institutional investors.

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.