StockNews.com upgraded shares of Sysco (NYSE:SYY – Free Report) from a buy rating to a strong-buy rating in a research report report published on Wednesday morning.
Other research analysts have also issued reports about the company. Jefferies Financial Group raised their target price on Sysco from $91.00 to $92.00 and gave the stock a buy rating in a research report on Wednesday, September 25th. Bank of America cut their price objective on Sysco from $91.00 to $87.00 and set a buy rating on the stock in a research note on Thursday, July 18th. JPMorgan Chase & Co. upped their target price on Sysco from $85.00 to $88.00 and gave the company an overweight rating in a report on Monday, September 16th. Truist Financial lowered their price target on shares of Sysco from $87.00 to $85.00 and set a buy rating for the company in a report on Monday, June 24th. Finally, Morgan Stanley reduced their price objective on shares of Sysco from $82.00 to $81.00 and set an equal weight rating on the stock in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $86.08.
Get Our Latest Stock Report on SYY
Sysco Stock Performance
Sysco (NYSE:SYY – Get Free Report) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. The firm had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.34 EPS. Equities research analysts anticipate that Sysco will post 4.6 earnings per share for the current year.
Sysco Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s payout ratio is 49.76%.
Hedge Funds Weigh In On Sysco
Several institutional investors have recently made changes to their positions in SYY. TruNorth Capital Management LLC bought a new stake in Sysco in the 2nd quarter valued at about $25,000. OFI Invest Asset Management acquired a new position in shares of Sysco during the first quarter worth approximately $31,000. Fairscale Capital LLC bought a new position in shares of Sysco in the 2nd quarter worth $38,000. Fairman Group LLC acquired a new stake in Sysco in the 4th quarter valued at $39,000. Finally, Livelsberger Financial Advisory bought a new stake in Sysco during the 4th quarter valued at $44,000. Institutional investors and hedge funds 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.
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