SYSCO (NYSE:SYY) Stock Rating Reaffirmed by Piper Sandler
SYSCO (NYSE:SYY)‘s stock had its “neutral” rating reaffirmed by research analysts at Piper Sandler in a report released on Tuesday, BenzingaRatingsTable reports. They currently have a $90.00 target price on the stock, down from their previous target price of $94.00. Piper Sandler’s price target would suggest a potential upside of 7.50% from the company’s current price.
SYY has been the subject of several other research reports. BMO Capital Markets boosted their target price on shares of SYSCO to $88.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Piper Jaffray Companies assumed coverage on shares of SYSCO in a research note on Thursday, December 12th. They issued an “overweight” rating and a $94.00 target price for the company. Bank of America boosted their target price on shares of SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Loop Capital boosted their target price on shares of SYSCO to $86.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $79.13.
Shares of SYY stock opened at $83.72 on Tuesday. The firm has a 50-day moving average price of $83.66 and a 200 day moving average price of $77.57. SYSCO has a twelve month low of $61.33 and a twelve month high of $85.98. The company has a market capitalization of $43.33 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 2.38 and a beta of 0.48. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 3.74.
In other news, EVP Greg D. Bertrand sold 900 shares of the business’s stock in a transaction dated Thursday, January 9th. The stock was sold at an average price of $85.06, for a total transaction of $76,554.00. Following the completion of the sale, the executive vice president now owns 31,644 shares in the company, valued at approximately $2,691,638.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian R. Todd sold 12,520 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $85.06, for a total value of $1,064,951.20. Following the sale, the senior vice president now owns 28,145 shares of the company’s stock, valued at approximately $2,394,013.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 227,412 shares of company stock valued at $18,867,462. Corporate insiders own 5.24% of the company’s stock.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of SYSCO by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 44,414,289 shares of the company’s stock worth $3,140,979,000 after purchasing an additional 551,581 shares during the period. BlackRock Inc. boosted its holdings in SYSCO by 3.3% in the 2nd quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock worth $2,201,542,000 after acquiring an additional 1,004,706 shares during the period. State Street Corp boosted its holdings in SYSCO by 6.3% in the 3rd quarter. State Street Corp now owns 26,747,724 shares of the company’s stock worth $2,123,769,000 after acquiring an additional 1,590,356 shares during the period. Trian Fund Management L.P. boosted its holdings in SYSCO by 2.1% in the 2nd quarter. Trian Fund Management L.P. now owns 23,671,603 shares of the company’s stock worth $1,674,056,000 after acquiring an additional 489,566 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in SYSCO by 4.9% in the 3rd quarter. California Public Employees Retirement System now owns 3,791,535 shares of the company’s stock worth $301,048,000 after acquiring an additional 177,287 shares during the period. Institutional investors and hedge funds own 78.66% of the company’s stock.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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