Barclays Cuts Sysco (NYSE:SYY) Price Target to $85.00

Sysco (NYSE:SYY) had its target price cut by Barclays from $93.00 to $85.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Melius Research raised Sysco to a “hold” rating in a report on Wednesday, December 18th. Melius started coverage on Sysco in a report on Wednesday, December 18th. They issued a “hold” rating and a $85.00 price objective for the company. Jefferies Financial Group raised their price target on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Morgan Stanley decreased their price objective on shares of Sysco from $82.00 to $79.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Sysco currently has an average rating of “Moderate Buy” and an average target price of $84.85.

Sysco Stock Down 0.7 %

Shares of NYSE:SYY opened at $72.79 on Wednesday. Sysco has a 12-month low of $69.03 and a 12-month high of $82.89. The stock has a market capitalization of $35.76 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.96 and a beta of 1.18. The stock has a fifty day simple moving average of $76.36 and a two-hundred day simple moving average of $75.98. The company has a current ratio of 1.20, a quick ratio of 0.73 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period in the previous year, the business posted $0.89 EPS. On average, research analysts anticipate that Sysco will post 4.57 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 24th. Investors of record on Friday, January 3rd were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend was Friday, January 3rd. Sysco’s dividend payout ratio is 52.44%.

Insiders Place Their Bets

In other news, SVP Eve M. Mcfadden sold 6,499 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total value of $519,920.00. Following the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at $3,876,080. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares of the company’s stock, valued at $4,335,408. This represents a 46.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,270 shares of company stock worth $6,181,946 over the last three months. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Armstrong Advisory Group Inc. boosted its position in shares of Sysco by 1,240.0% during the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after acquiring an additional 310 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Sysco in the 3rd quarter worth $26,000. Valley Wealth Managers Inc. bought a new position in shares of Sysco during the 3rd quarter valued at about $31,000. Stonebridge Financial Group LLC purchased a new position in shares of Sysco during the fourth quarter valued at about $31,000. Finally, Focused Wealth Management Inc bought a new stake in shares of Sysco in the third quarter worth about $37,000. 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.