Sysco (NYSE:SYY) Price Target Raised to $92.00

Sysco (NYSE:SYY) had its price objective raised by Jefferies Financial Group from $91.00 to $92.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Guggenheim upgraded shares of Sysco from a neutral rating to a buy rating and set a $85.00 price target for the company in a research report on Tuesday, May 28th. Truist Financial reduced their target price on Sysco from $87.00 to $85.00 and set a buy rating for the company in a research report on Monday, June 24th. Morgan Stanley lowered their price target on Sysco from $82.00 to $81.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a report on Tuesday, September 24th. Finally, Bank of America lowered their target price on shares of Sysco from $91.00 to $87.00 and set a buy rating on the stock in a research note on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Sysco has a consensus rating of Moderate Buy and an average target price of $86.08.

Sysco Price Performance

Shares of NYSE SYY opened at $77.66 on Wednesday. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The stock has a market cap of $38.17 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 1.99 and a beta of 1.20. The stock has a fifty day moving average of $76.21 and a 200-day moving average of $75.48.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. During the same quarter in the previous year, the firm earned $1.34 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that Sysco will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.63%. Sysco’s payout ratio is 49.76%.

Hedge Funds Weigh In On Sysco

Several institutional investors and hedge funds have recently bought and sold shares of SYY. Capital World Investors grew its holdings in Sysco by 17.5% in the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after acquiring an additional 1,637,232 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Sysco by 26.1% in the second quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after purchasing an additional 1,782,180 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after purchasing an additional 3,504,740 shares during the last quarter. Diamond Hill Capital Management Inc. increased its holdings in Sysco by 49.8% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after purchasing an additional 1,997,895 shares during the period. Finally, ProShare Advisors LLC raised its position in Sysco by 103.0% during the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after purchasing an additional 2,408,226 shares during the last quarter. 83.41% of the stock is currently 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.