SYSCO (NYSE:SYY) had its price objective cut by Loop Capital to $75.00 in a research note issued to investors on Tuesday, The Fly reports. They currently have a buy rating on the stock. The analysts noted that the move was a valuation call.
A number of other equities analysts have also weighed in on SYY. ValuEngine lowered SYSCO from a buy rating to a hold rating in a research report on Tuesday. Jefferies Financial Group set a $68.00 price target on SYSCO and gave the company a hold rating in a research note on Monday, August 13th. Royal Bank of Canada set a $67.00 price target on SYSCO and gave the company a hold rating in a research note on Friday, November 2nd. Morgan Stanley boosted their price target on SYSCO from $67.00 to $71.00 and gave the company an equal weight rating in a research note on Tuesday, August 14th. Finally, Buckingham Research initiated coverage on SYSCO in a research note on Monday, October 22nd. They set a buy rating and a $82.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $73.15.
NYSE:SYY traded up $0.25 during mid-day trading on Tuesday, reaching $66.81. The company’s stock had a trading volume of 3,361,837 shares, compared to its average volume of 2,891,820. SYSCO has a 12-month low of $53.65 and a 12-month high of $75.98. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.74 and a current ratio of 1.30. The firm has a market cap of $34.54 billion, a price-to-earnings ratio of 20.90, a price-to-earnings-growth ratio of 1.92 and a beta of 0.56.
In related news, Director Trian Fund Management, L.P. sold 2,115,358 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $74.81, for a total transaction of $158,249,931.98. Following the completion of the transaction, the director now directly owns 4,005 shares in the company, valued at approximately $299,614.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total value of $369,100.00. Following the transaction, the director now owns 66,137 shares of the company’s stock, valued at $4,882,233.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,969,811 shares of company stock valued at $297,370,093. Corporate insiders own 7.88% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board grew its stake in shares of SYSCO by 1,263.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 492,410 shares of the company’s stock valued at $36,069,000 after acquiring an additional 456,300 shares during the period. Trexquant Investment LP grew its stake in shares of SYSCO by 557.5% during the 3rd quarter. Trexquant Investment LP now owns 130,101 shares of the company’s stock valued at $9,530,000 after acquiring an additional 110,313 shares during the period. Nuance Investments LLC grew its stake in shares of SYSCO by 14.3% during the 3rd quarter. Nuance Investments LLC now owns 171,663 shares of the company’s stock valued at $12,565,000 after acquiring an additional 21,455 shares during the period. Bank of Hawaii grew its stake in shares of SYSCO by 15.8% during the 3rd quarter. Bank of Hawaii now owns 10,332 shares of the company’s stock valued at $757,000 after acquiring an additional 1,413 shares during the period. Finally, CIBC World Markets Inc. grew its stake in shares of SYSCO by 222.8% during the 3rd quarter. CIBC World Markets Inc. now owns 15,739 shares of the company’s stock valued at $1,153,000 after acquiring an additional 10,863 shares during the period. Institutional investors own 80.11% of the company’s stock.
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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