Sysco (NYSE:SYY) Price Target Cut to $82.00 by Analysts at Morgan Stanley

Sysco (NYSE:SYY) had its price target lowered by Morgan Stanley from $84.00 to $82.00 in a report published on Thursday, Benzinga reports. The firm currently has an equal weight rating on the stock.

SYY has been the topic of several other research reports. BMO Capital Markets boosted their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, January 31st. Piper Sandler reduced their price target on Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Stephens raised their price objective on Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Finally, UBS Group cut their price target on shares of Sysco from $92.00 to $87.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sysco currently has a consensus rating of Moderate Buy and an average price target of $85.11.

Sysco Price Performance

Shares of SYY opened at $72.95 on Thursday. The business has a 50-day simple moving average of $77.09 and a two-hundred day simple moving average of $76.21. Sysco has a 12-month low of $62.24 and a 12-month high of $82.89. The stock has a market cap of $36.33 billion, a PE ratio of 17.79, a PEG ratio of 1.94 and a beta of 1.16. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Sysco will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

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

Insider Activity

In related news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the sale, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Sysco

Several institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC boosted its holdings in Sysco by 177.6% during the 1st quarter. Cetera Advisors LLC now owns 73,682 shares of the company’s stock worth $5,982,000 after acquiring an additional 47,142 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Sysco by 163.4% during the first quarter. Cetera Investment Advisers now owns 285,012 shares of the company’s stock valued at $23,137,000 after purchasing an additional 176,791 shares in the last quarter. Burney Co. boosted its holdings in Sysco by 16.5% during the first quarter. Burney Co. now owns 22,922 shares of the company’s stock worth $1,861,000 after purchasing an additional 3,253 shares during the last quarter. Swedbank AB bought a new stake in Sysco in the 1st quarter worth about $178,824,000. Finally, Sanibel Captiva Trust Company Inc. increased its stake in Sysco by 46.0% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 17,497 shares of the company’s stock valued at $1,420,000 after buying an additional 5,515 shares during the last quarter. Institutional investors own 83.41% of the company’s stock.

Sysco Company Profile

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.