BMO Capital Markets Lowers Sysco (NYSE:SYY) Price Target to $85.00

Sysco (NYSE:SYY) had its price objective cut by BMO Capital Markets from $90.00 to $85.00 in a report issued on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms also recently weighed in on SYY. UBS Group dropped their price target on Sysco from $92.00 to $87.00 and set a buy rating for the company in a research report on Wednesday, May 1st. Piper Sandler cut their price target on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. Barclays raised their price objective on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Truist Financial reduced their target price on shares of Sysco from $91.00 to $87.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Sysco from $87.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $85.11.

Sysco Trading Up 0.1 %

Shares of SYY stock opened at $72.95 on Thursday. The business’s fifty day moving average price is $77.09 and its 200 day moving average price is $76.21. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The firm has a market capitalization of $36.33 billion, a PE ratio of 17.79, a P/E/G ratio of 1.94 and a beta of 1.16. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’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. As a group, sell-side analysts forecast that Sysco will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 annualized dividend and a dividend yield of 2.80%. Sysco’s dividend payout ratio (DPR) is presently 48.78%.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total value of $137,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On Sysco

A number of hedge funds have recently added to or reduced their stakes in SYY. First United Bank & Trust acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $26,000. Verity & Verity LLC bought a new position in Sysco in the 1st quarter worth approximately $26,000. AdvisorNet Financial Inc increased its position in Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after acquiring an additional 159 shares during the period. Burkett Financial Services LLC acquired a new position in Sysco during the 4th quarter worth $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Sysco in the first quarter worth $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.