Sysco (NYSE:SYY) Price Target Lowered to $87.00 at Truist Financial

Sysco (NYSE:SYY) had its target price decreased by Truist Financial from $91.00 to $87.00 in a report released on Thursday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research report on Tuesday, March 19th. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a research report on Wednesday. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. BMO Capital Markets boosted their price objective on Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research report on Wednesday, January 31st. Finally, Stephens boosted their price objective on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $84.56.

Sysco Stock Performance

Shares of NYSE:SYY traded up $1.11 during trading on Thursday, hitting $75.36. The stock had a trading volume of 2,709,679 shares, compared to its average volume of 2,778,819. Sysco has a 12-month low of $62.24 and a 12-month high of $82.89. The stock has a market capitalization of $37.53 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.89 and a beta of 1.16. The company has a quick ratio of 0.80, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The stock has a 50-day simple moving average of $78.76 and a two-hundred day simple moving average of $75.09.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business earned $0.90 earnings per share. On average, equities research analysts expect that Sysco will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.71%. Sysco’s dividend payout ratio is 48.78%.

Insiders Place Their Bets

In other Sysco news, CAO Neil Russell sold 1,722 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sysco

Large investors have recently bought and sold shares of the stock. First United Bank & Trust purchased a new position in shares of Sysco in the 4th quarter valued at about $26,000. Verity & Verity LLC purchased a new position in shares of Sysco in the 1st quarter valued at about $26,000. AdvisorNet Financial Inc increased its holdings in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after acquiring an additional 159 shares during the last quarter. Burkett Financial Services LLC purchased a new position in shares of Sysco in the 4th quarter valued at about $30,000. Finally, OFI Invest Asset Management purchased a new position in shares of Sysco in the 1st quarter valued at about $31,000. 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.