Sysco (NYSE:SYY) Shares Down 3.5% – Here’s What Happened

Sysco Co. (NYSE:SYY)’s stock price fell 3.5% during trading on Wednesday . The stock traded as low as $71.76 and last traded at $71.75. 713,815 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 3,604,476 shares. The stock had previously closed at $74.36.

Analysts Set New Price Targets

SYY has been the subject of several analyst reports. Truist Financial decreased their target price on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Jefferies Financial Group increased their price objective on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Wells Fargo & Company boosted their target price on shares of Sysco from $82.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered their price target on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Finally, Guggenheim reiterated a “buy” rating and issued a $85.00 price objective on shares of Sysco in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.77.

Sysco Stock Down 1.8 %

The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. The firm has a market cap of $34.79 billion, a P/E ratio of 18.28, a PEG ratio of 1.88 and a beta of 1.11. The firm’s 50-day moving average price is $73.15 and its 200 day moving average price is $75.41.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period last year, the business posted $0.89 earnings per share. On average, equities research analysts expect that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be given a $0.51 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.87%. Sysco’s payout ratio is currently 52.44%.

Insider Activity at Sysco

In other Sysco news, EVP Greg D. Bertrand sold 48,027 shares of Sysco stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the completion of the transaction, the executive vice president now directly owns 56,304 shares in the company, valued at $4,335,408. The trade was a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.54% of the company’s stock.

Institutional Trading of Sysco

Several hedge funds have recently made changes to their positions in SYY. Parvin Asset Management LLC bought a new stake in Sysco in the fourth quarter valued at $29,000. Stonebridge Financial Group LLC bought a new stake in Sysco in the 4th quarter valued at about $31,000. Flagship Wealth Advisors LLC acquired a new position in Sysco during the 4th quarter valued at about $31,000. Sherman Asset Management Inc. bought a new position in Sysco in the 4th quarter worth about $31,000. Finally, SRS Capital Advisors Inc. increased its stake in shares of Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock valued at $33,000 after purchasing an additional 149 shares during the period. 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.