Sysco (NYSE:SYY) Given New $79.00 Price Target at Piper Sandler

Sysco (NYSE:SYY) had its price target decreased by Piper Sandler from $83.00 to $79.00 in a report released on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other brokerages have also weighed in on SYY. JPMorgan Chase & Co. increased their price objective on shares of Sysco from $84.00 to $87.00 and gave the company an overweight rating in a report on Tuesday, March 19th. Stephens lifted their price objective on Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Barclays increased their target price on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. BMO Capital Markets boosted their target price on Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research report on Wednesday, January 31st. Finally, StockNews.com cut Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $84.90.

Sysco Price Performance

Shares of SYY stock opened at $73.04 on Wednesday. Sysco has a 52 week low of $62.24 and a 52 week high of $82.89. The stock’s fifty day moving average is $78.89 and its 200-day moving average is $75.09. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.80 and a current ratio of 1.34. The stock has a market capitalization of $36.36 billion, a PE ratio of 17.81, a PEG ratio of 1.50 and a beta of 1.16.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. Equities research analysts expect that Sysco will post 4.33 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued 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 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend 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 firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the sale, the chief accounting officer now directly owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Sysco

A number of hedge funds and other institutional investors have recently bought and sold shares of SYY. Commonwealth Equity Services LLC lifted its position in shares of Sysco by 1.2% in the third quarter. Commonwealth Equity Services LLC now owns 323,526 shares of the company’s stock worth $21,369,000 after purchasing an additional 3,897 shares in the last quarter. SVB Wealth LLC boosted its stake in shares of Sysco by 3.8% during the 3rd quarter. SVB Wealth LLC now owns 20,464 shares of the company’s stock worth $1,352,000 after buying an additional 743 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Sysco by 74.6% in the 3rd quarter. Hexagon Capital Partners LLC now owns 419 shares of the company’s stock valued at $28,000 after acquiring an additional 179 shares in the last quarter. 1834 Investment Advisors Co. raised its holdings in Sysco by 28.7% during the third quarter. 1834 Investment Advisors Co. now owns 13,000 shares of the company’s stock worth $859,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its position in Sysco by 2.3% during the third quarter. Stratos Wealth Partners LTD. now owns 10,359 shares of the company’s stock valued at $684,000 after purchasing an additional 233 shares during the last quarter. 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.