Sysco (NYSE:SYY) Price Target Cut to $85.00

Sysco (NYSE:SYY) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $87.00 to $85.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 16.87% from the stock’s previous close.

SYY has been the subject of a number of other reports. Morgan Stanley reduced their target price on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays boosted their target price on shares of Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Piper Sandler reduced their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. UBS Group reduced their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Sysco has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Sysco Trading Down 3.4 %

NYSE SYY opened at $72.73 on Thursday. Sysco has a one year low of $62.24 and a one year high of $82.89. The company has a 50-day simple moving average of $77.39 and a 200-day simple moving average of $76.13. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The firm has a market capitalization of $36.22 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 2.00 and a beta of 1.16.

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

Insiders Place Their Bets

In other Sysco news, CAO Neil Russell sold 1,722 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

Institutional Trading of Sysco

Large investors have recently modified their holdings of the company. First United Bank & Trust acquired a new position in Sysco during the 4th quarter valued at $26,000. Verity & Verity LLC acquired a new position in Sysco during the 1st quarter valued at $26,000. AdvisorNet Financial Inc raised its stake in Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after purchasing an additional 159 shares during the last quarter. Burkett Financial Services LLC acquired a new position in Sysco during the 4th quarter valued at $30,000. Finally, OFI Invest Asset Management acquired a new position in Sysco during the 1st quarter valued at $31,000. 83.41% of the stock is owned by institutional investors.

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.