Sysco Corp. (SYY) Hits New 1-Year High at $52.31
Sysco Corp. (NYSE:SYY)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $52.31 and last traded at $52.07, with a volume of 1,358,372 shares changing hands. The stock had previously closed at $52.03.
Several equities analysts recently issued reports on SYY shares. BMO Capital Markets restated a “hold” rating and issued a $52.00 target price (up previously from $44.00) on shares of Sysco Corp. in a report on Monday, May 2nd. Vetr upgraded shares of Sysco Corp. from a “strong sell” rating to a “sell” rating and set a $44.14 target price on the stock in a report on Tuesday, May 17th. Credit Suisse Group AG restated a “buy” rating and issued a $55.00 target price (up previously from $52.00) on shares of Sysco Corp. in a report on Monday, May 2nd. Pivotal Research upgraded shares of Sysco Corp. from a “sell” rating to a “hold” rating and upped their price objective for the company from $34.00 to $45.00 in a report on Tuesday, May 3rd. Finally, Bank of America Corp. started coverage on shares of Sysco Corp. in a report on Monday, June 20th. They set a “neutral” rating and a $52.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $46.72.
The stock has a 50 day moving average price of $49.92 and a 200 day moving average price of $46.14. The stock has a market capitalization of $29.31 billion and a price-to-earnings ratio of 37.86.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. The firm earned $12 billion during the quarter, compared to the consensus estimate of $11.87 billion. During the same period last year, the business earned $0.40 EPS. Sysco Corp.’s revenue was up 2.2% on a year-over-year basis. On average, analysts predict that Sysco Corp. will post $2.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Wednesday, June 29th.
In other Sysco Corp. news, CFO Joel T. Grade sold 16,368 shares of the firm’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $52.01, for a total value of $851,299.68. Following the sale, the chief financial officer now owns 60,031 shares of the company’s stock, valued at approximately $3,122,212.31. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jackie M. Ward purchased 6,200 shares of the business’s stock in a transaction on Monday, June 13th. The stock was purchased at an average cost of $48.63 per share, for a total transaction of $301,506.00. Following the acquisition, the director now owns 124,118 shares in the company, valued at $6,035,858.34. The disclosure for this purchase can be found here.
Other large investors recently bought and sold shares of the company. NewFocus Financial Group LLC boosted its stake in Sysco Corp. by 1.6% in the fourth quarter. NewFocus Financial Group LLC now owns 30,843 shares of the company’s stock valued at $2,900,000 after buying an additional 491 shares in the last quarter. Tredje AP fonden boosted its stake in Sysco Corp. by 2.2% in the fourth quarter. Tredje AP fonden now owns 39,050 shares of the company’s stock valued at $1,601,000 after buying an additional 855 shares in the last quarter. Private Advisor Group LLC boosted its stake in Sysco Corp. by 25.4% in the fourth quarter. Private Advisor Group LLC now owns 39,781 shares of the company’s stock valued at $1,631,000 after buying an additional 8,057 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in Sysco Corp. by 4.6% in the fourth quarter. Pinnacle Associates Ltd. now owns 46,302 shares of the company’s stock valued at $1,898,000 after buying an additional 2,031 shares in the last quarter. Finally, Advance Capital I Inc. boosted its stake in Sysco Corp. by 54.2% in the fourth quarter. Advance Capital I Inc. now owns 52,900 shares of the company’s stock valued at $2,169,000 after buying an additional 18,600 shares in the last quarter.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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