Sysco (NYSE:SYY) Price Target Raised to $84.00

Sysco (NYSE:SYYGet Rating) had its target price increased by Deutsche Bank Aktiengesellschaft from $82.00 to $84.00 in a report published on Wednesday morning, The Fly reports.

Other equities research analysts also recently issued reports about the company. StockNews.com initiated coverage on Sysco in a report on Thursday, March 31st. They issued a buy rating for the company. Piper Sandler lifted their target price on Sysco from $83.00 to $90.00 and gave the stock an overweight rating in a report on Friday, April 8th. CL King initiated coverage on Sysco in a report on Friday, March 11th. They issued a neutral rating for the company. Argus upgraded Sysco from a hold rating to a buy rating and set a $95.00 target price for the company in a report on Tuesday, February 22nd. Finally, Morgan Stanley lifted their target price on Sysco from $86.00 to $94.00 in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sysco currently has a consensus rating of Buy and a consensus target price of $92.89.

Shares of SYY stock opened at $84.73 on Wednesday. Sysco has a 12 month low of $68.05 and a 12 month high of $91.53. The company has a current ratio of 1.24, a quick ratio of 0.78 and a debt-to-equity ratio of 8.03. The firm has a market capitalization of $43.44 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 2.38 and a beta of 1.14. The business’s 50-day moving average price is $83.48 and its 200-day moving average price is $80.05.

Sysco (NYSE:SYYGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.16. Sysco had a return on equity of 100.62% and a net margin of 1.52%. The company had revenue of $16.90 billion during the quarter, compared to the consensus estimate of $15.99 billion. During the same period last year, the company earned $0.22 earnings per share. The firm’s revenue was up 42.9% compared to the same quarter last year. On average, sell-side analysts predict that Sysco will post 3.23 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be given a $0.49 dividend. The ex-dividend date of this dividend is Thursday, June 30th. This represents a $1.96 annualized dividend and a yield of 2.31%. This is a boost from Sysco’s previous quarterly dividend of $0.47. Sysco’s payout ratio is currently 96.91%.

In other Sysco news, EVP Greg D. Bertrand sold 75,526 shares of the business’s stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $85.43, for a total value of $6,452,186.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Anita A. Zielinski sold 12,362 shares of the business’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $89.00, for a total value of $1,100,218.00. The disclosure for this sale can be found here. In the last three months, insiders sold 221,427 shares of company stock worth $19,220,747. Insiders own 0.31% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SYY. Ameritas Investment Partners Inc. raised its stake in shares of Sysco by 0.6% during the 1st quarter. Ameritas Investment Partners Inc. now owns 55,725 shares of the company’s stock valued at $4,549,000 after purchasing an additional 327 shares during the period. Fort Point Capital Partners LLC raised its stake in shares of Sysco by 7.9% during the 1st quarter. Fort Point Capital Partners LLC now owns 4,094 shares of the company’s stock valued at $334,000 after purchasing an additional 300 shares during the period. Renaissance Technologies LLC raised its stake in shares of Sysco by 2,123.1% during the 1st quarter. Renaissance Technologies LLC now owns 57,800 shares of the company’s stock valued at $4,719,000 after purchasing an additional 55,200 shares during the period. Stonebridge Capital Advisors LLC raised its stake in shares of Sysco by 5.9% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 22,556 shares of the company’s stock valued at $1,842,000 after purchasing an additional 1,250 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Sysco by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,611,080 shares of the company’s stock valued at $213,195,000 after purchasing an additional 67,948 shares during the period. Hedge funds and other institutional investors own 80.64% of the company’s stock.

Sysco Company Profile (Get Rating)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products primarily 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.

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