JPMorgan Chase & Co. Trims Sysco (NYSE:SYY) Target Price to $85.00

Sysco (NYSE:SYY) had its price target reduced by JPMorgan Chase & Co. from $87.00 to $85.00 in a research report sent to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SYY has been the topic of a number of other research reports. Stephens raised their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. UBS Group cut their price target on shares of Sysco from $92.00 to $87.00 and set a buy rating on the stock in a report on Wednesday, May 1st. Piper Sandler cut their target price on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. BMO Capital Markets lifted their target price on shares of Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. Finally, Truist Financial cut 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, May 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Sysco has a consensus rating of Moderate Buy and a consensus price target of $85.11.

Sysco Price Performance

Shares of Sysco stock opened at $72.95 on Thursday. The firm has a market cap of $36.33 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 1.94 and a beta of 1.16. Sysco has a 12-month low of $62.24 and a 12-month high of $82.89. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The company’s fifty day simple moving average is $77.09 and its two-hundred day simple moving average is $76.27.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. As a group, equities analysts expect that Sysco will post 4.3 EPS for the current year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a dividend of $0.51 per share. This is a boost from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is 48.78%.

Insider Activity at Sysco

In related news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at approximately $1,926,560. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SYY. Capital World Investors raised its holdings in Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after buying an additional 1,637,232 shares during the last quarter. Invesco Ltd. raised its holdings in Sysco by 11.0% in the third quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock worth $717,283,000 after buying an additional 1,076,287 shares during the last quarter. Capital Research Global Investors raised its holdings in 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 buying an additional 3,504,740 shares during the last quarter. Norges Bank purchased a new position in Sysco in the fourth quarter worth about $450,794,000. Finally, Northern Trust Corp raised its holdings in Sysco by 3.0% in the third quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock worth $405,435,000 after buying an additional 178,464 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other 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.