SYSCO (NYSE:SYY) Downgraded by ValuEngine to “Sell”

ValuEngine lowered shares of SYSCO (NYSE:SYY) from a hold rating to a sell rating in a research note issued to investors on Wednesday, ValuEngine reports.

Other research analysts have also recently issued research reports about the stock. Loop Capital raised their price target on shares of SYSCO to $86.00 and gave the stock a buy rating in a report on Friday, October 25th. Piper Sandler reaffirmed a neutral rating and issued a $90.00 price target (down previously from $94.00) on shares of SYSCO in a report on Tuesday. Bank of America raised their price target on shares of SYSCO from $76.00 to $80.00 and gave the stock a neutral rating in a report on Wednesday, October 2nd. BMO Capital Markets raised their price target on shares of SYSCO to $88.00 and gave the stock an outperform rating in a report on Tuesday, November 5th. Finally, Piper Jaffray Companies began coverage on shares of SYSCO in a report on Thursday, December 12th. They issued an overweight rating and a $94.00 price target for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $79.13.

NYSE:SYY traded down $0.18 during midday trading on Wednesday, reaching $83.06. 92,560 shares of the stock traded hands, compared to its average volume of 1,775,475. SYSCO has a 12-month low of $61.33 and a 12-month high of $85.98. The business has a 50-day moving average of $83.76 and a two-hundred day moving average of $77.69. The company has a debt-to-equity ratio of 3.74, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a market capitalization of $42.04 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 2.20 and a beta of 0.48.

SYSCO (NYSE:SYY) last posted its earnings results on Monday, November 4th. The company reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.01. The company had revenue of $15.30 billion during the quarter, compared to analysts’ expectations of $15.53 billion. SYSCO had a net margin of 2.82% and a return on equity of 79.60%. SYSCO’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. Research analysts anticipate that SYSCO will post 3.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be paid a $0.45 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.17%. This is a positive change from SYSCO’s previous quarterly dividend of $0.39. SYSCO’s dividend payout ratio is presently 50.70%.

In other news, CEO Thomas Bene sold 39,384 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $80.00, for a total value of $3,150,720.00. Following the sale, the chief executive officer now owns 132,929 shares in the company, valued at $10,634,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 47,643 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.00, for a total transaction of $4,049,655.00. Following the completion of the sale, the executive vice president now owns 30,744 shares in the company, valued at approximately $2,613,240. The disclosure for this sale can be found here. Insiders sold 227,412 shares of company stock worth $18,867,462 in the last quarter. Company insiders own 5.24% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its position in SYSCO by 1,804.9% during the second quarter. Nuveen Asset Management LLC now owns 2,587,054 shares of the company’s stock valued at $182,956,000 after buying an additional 2,451,242 shares during the period. State Street Corp grew its position in SYSCO by 6.3% during the third quarter. State Street Corp now owns 26,747,724 shares of the company’s stock valued at $2,123,769,000 after buying an additional 1,590,356 shares during the period. BlackRock Inc. grew its position in SYSCO by 3.3% during the second quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock valued at $2,201,542,000 after buying an additional 1,004,706 shares during the period. Unigestion Holding SA grew its position in SYSCO by 197.1% during the third quarter. Unigestion Holding SA now owns 1,066,357 shares of the company’s stock valued at $84,669,000 after buying an additional 707,466 shares during the period. Finally, California Public Employees Retirement System grew its position in SYSCO by 23.8% during the second quarter. California Public Employees Retirement System now owns 3,614,248 shares of the company’s stock valued at $255,600,000 after buying an additional 695,556 shares during the period. Hedge funds and other institutional investors own 78.66% of the company’s stock.

About SYSCO

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.

See Also: Commodities

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for SYSCO (NYSE:SYY)

Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.