SYSCO (NYSE:SYY) had its price target dropped by equities research analysts at Morgan Stanley from $71.00 to $69.00 in a report released on Tuesday. The brokerage currently has a “hold” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 4.08% from the stock’s previous close.
Several other equities research analysts have also commented on SYY. ValuEngine lowered shares of SYSCO from a “buy” rating to a “hold” rating in a research note on Tuesday. BMO Capital Markets cut their price target on shares of SYSCO from $81.00 to $79.00 and set a “buy” rating on the stock in a research note on Tuesday. Loop Capital set a $75.00 price target on shares of SYSCO and gave the stock a “buy” rating in a research note on Tuesday. They noted that the move was a valuation call. Credit Suisse Group cut their price target on shares of SYSCO from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group set a $68.00 price target on shares of SYSCO and gave the stock a “hold” rating in a research note on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $73.15.
Shares of SYY traded up $1.84 during midday trading on Tuesday, reaching $66.30. The stock had a trading volume of 1,251,157 shares, compared to its average volume of 2,381,205. SYSCO has a 1-year low of $52.30 and a 1-year high of $75.98. The firm has a market capitalization of $37.12 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 1.93 and a beta of 0.56. The company has a current ratio of 1.21, a quick ratio of 0.74 and a debt-to-equity ratio of 3.01.
In other SYSCO news, Director Joshua D. Frank sold 1,013,666 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $75.09, for a total value of $76,116,179.94. Following the sale, the director now owns 4,005 shares of the company’s stock, valued at $300,735.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total transaction of $158,249,931.98. Following the completion of the sale, the director now directly owns 4,005 shares in the company, valued at approximately $299,614.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,969,811 shares of company stock worth $297,370,093. 7.88% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SYY. Bank of America Corp DE lifted its holdings in shares of SYSCO by 64.6% in the second quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock valued at $1,206,188,000 after purchasing an additional 6,929,805 shares in the last quarter. Morgan Stanley lifted its holdings in shares of SYSCO by 83.0% in the second quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock valued at $266,109,000 after purchasing an additional 1,767,298 shares in the last quarter. Unigestion Holding SA purchased a new stake in shares of SYSCO in the second quarter valued at about $55,998,000. Bank of Montreal Can lifted its holdings in shares of SYSCO by 14.9% in the second quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock valued at $310,878,000 after purchasing an additional 590,410 shares in the last quarter. Finally, Sabal Trust CO purchased a new stake in shares of SYSCO in the second quarter valued at about $24,275,000. 80.11% of the stock is currently owned by 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. 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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