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

Sysco (NYSE:SYY) had its price objective cut by Truist Financial from $91.00 to $87.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on SYY. JPMorgan Chase & Co. upped 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. BMO Capital Markets upped their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday, January 31st. UBS Group cut their price target on shares of Sysco from $92.00 to $87.00 and set a buy rating for the company in a report on Wednesday, May 1st. Piper Sandler decreased their price objective on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. Finally, Stephens lifted their target price on shares of Sysco from $80.00 to $90.00 and gave the company 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 issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $84.56.

Sysco Stock Up 1.5 %

SYY opened at $75.36 on Thursday. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a market capitalization of $37.53 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.92 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. The firm’s fifty day moving average price is $78.65 and its two-hundred day moving average price is $75.31.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. On average, analysts anticipate that Sysco will post 4.31 EPS for the current 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 paid a dividend of $0.51 per share. This is a boost from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is 48.78%.

Insider Activity at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the company’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 approximately $1,926,560. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.58% of the stock is currently owned by company insiders.

Institutional Trading of Sysco

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYY. First United Bank & Trust bought a new stake in shares of Sysco during the fourth quarter worth approximately $26,000. Verity & Verity LLC bought a new stake in shares of Sysco during the 1st quarter valued at $26,000. AdvisorNet Financial Inc lifted its stake 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 purchasing an additional 159 shares during the period. Burkett Financial Services LLC bought a new position in shares of Sysco in the 4th quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Sysco during the first quarter worth $31,000. 83.41% of the stock is owned by institutional investors.

About Sysco

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.