Sysco (NYSE:SYY) Price Target Raised to $88.00

Sysco (NYSE:SYY) had its price target increased by JPMorgan Chase & Co. from $85.00 to $88.00 in a research report released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on SYY. Barclays upped their price target on Sysco from $85.00 to $88.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. Truist Financial cut their price target on Sysco from $87.00 to $85.00 and set a buy rating for the company in a research note on Monday, June 24th. BMO Capital Markets cut their price target on Sysco from $90.00 to $85.00 and set an outperform rating for the company in a research note on Thursday, May 23rd. Morgan Stanley cut their price target on Sysco from $82.00 to $81.00 and set an equal weight rating for the company in a research note on Tuesday, July 16th. Finally, Guggenheim upgraded Sysco from a neutral rating to a buy rating and set a $85.00 price objective for the company in a research report on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Sysco currently has a consensus rating of Moderate Buy and a consensus price target of $85.55.

Sysco Price Performance

Shares of NYSE SYY opened at $74.55 on Monday. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco has a twelve month low of $62.24 and a twelve month high of $82.89. The stock has a 50 day moving average of $75.76 and a two-hundred day moving average of $75.62. The stock has a market cap of $37.12 billion, a P/E ratio of 18.18, a P/E/G ratio of 2.01 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same quarter in the previous year, the business earned $1.34 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, research analysts forecast that Sysco will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in shares of Sysco in the second quarter valued at $25,000. Burkett Financial Services LLC purchased a new position in shares of Sysco in the fourth quarter valued at $30,000. OFI Invest Asset Management purchased a new position in shares of Sysco in the first quarter valued at $31,000. Fairscale Capital LLC purchased a new position in shares of Sysco in the second quarter valued at $38,000. Finally, Fairman Group LLC purchased a new position in shares of Sysco in the fourth quarter valued at $39,000. Hedge funds and other 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.