Sysco (NYSE:SYY) PT Lowered to $85.00 at Barclays

Sysco (NYSE:SYY) had its price objective trimmed by Barclays from $88.00 to $85.00 in a research note published on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

SYY has been the subject of several other reports. Morgan Stanley reduced their price objective on Sysco from $84.00 to $82.00 and set an equal weight rating for the company in a research report on Thursday. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. Piper Sandler reduced their price target on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a research report on Wednesday, May 1st. Truist Financial reduced their price target on Sysco from $91.00 to $87.00 and set a buy rating for the company in a research report on Thursday, May 2nd. Finally, BMO Capital Markets reduced their price target on Sysco from $90.00 to $85.00 and set an outperform rating for the company in a research report on Thursday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $85.11.

Sysco Trading Up 0.1 %

NYSE SYY opened at $72.95 on Thursday. The stock has a 50-day simple moving average of $77.09 and a 200 day simple moving average of $76.27. The company 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. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. Research analysts forecast that Sysco will post 4.3 EPS for the current year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a dividend of $0.51 per share. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is 48.78%.

Insider Transactions at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the 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 sale, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Sysco

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors grew its holdings in Sysco by 17.5% during the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares during the period. Invesco Ltd. lifted its position in shares of Sysco by 11.0% during the third quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock worth $717,283,000 after acquiring an additional 1,076,287 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares in the last quarter. Norges Bank purchased a new stake in shares of Sysco during the fourth quarter worth $450,794,000. Finally, Northern Trust Corp lifted its position in shares of Sysco by 3.0% during the third quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock worth $405,435,000 after acquiring an additional 178,464 shares in the last quarter. 83.41% of the stock is 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.