Sysco (NYSE:SYY) Price Target Lowered to $87.00 at UBS Group

Sysco (NYSE:SYY) had its price objective cut by UBS Group from $92.00 to $87.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

SYY has been the topic of a number of other reports. StockNews.com downgraded shares of Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. Piper Sandler reduced their target price on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research report on Wednesday. BMO Capital Markets upped their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, January 31st. Stephens upped their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Finally, Barclays upped their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Sysco has an average rating of Moderate Buy and an average target price of $84.90.

Sysco Stock Down 1.7 %

NYSE:SYY opened at $73.04 on Wednesday. The firm’s 50-day moving average price is $78.89 and its 200-day moving average price is $75.09. The company has a market capitalization of $36.36 billion, a PE ratio of 17.81, a P/E/G ratio of 1.50 and a beta of 1.16. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.80. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. On average, equities analysts predict 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 paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 annualized dividend and a yield of 2.79%. This is a boost from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.78%.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were 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 in the company, valued at approximately $1,926,560. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Sysco

Several institutional investors have recently made changes to their positions in SYY. Capital World Investors bought a new position in shares of Sysco in the 4th quarter worth approximately $683,599,000. Norges Bank bought a new position in shares of Sysco in the 4th quarter worth approximately $450,794,000. Capital Research Global Investors bought a new position in shares of Sysco in the 4th quarter worth approximately $227,241,000. The Manufacturers Life Insurance Company increased its holdings in Sysco by 132.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after acquiring an additional 2,084,501 shares in the last quarter. Finally, Fiduciary Management Inc. WI increased its holdings in Sysco by 92.1% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock worth $191,596,000 after acquiring an additional 1,255,908 shares in the last quarter. 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.