JPMorgan Chase & Co. Cuts Sysco (NYSE:SYY) Price Target to $95.00

Sysco (NYSE:SYY) had its price target trimmed by JPMorgan Chase & Co. from $100.00 to $95.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

SYY has been the subject of a number of other research reports. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Sysco in a research report on Wednesday, September 16th. Morgan Stanley lifted their target price on Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Melius Research cut Sysco from a “hold” rating to a “sell” rating in a research note on Tuesday, July 7th. UBS Group increased their price target on Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, Citigroup raised their price target on Sysco from $82.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus price target of $90.17.

Sysco Stock Down 0.4%

Sysco stock opened at $77.69 on Tuesday. The company’s 50 day simple moving average is $81.86 and its 200 day simple moving average is $79.15. Sysco has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. The firm has a market capitalization of $37.26 billion, a price-to-earnings ratio of 21.23, a PEG ratio of 2.74 and a beta of 0.64. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $22.12 billion during the quarter, compared to analysts’ expectations of $21.95 billion. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.48 earnings per share. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, sell-side analysts anticipate that Sysco will post 5.06 EPS for the current year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, October 2nd. Sysco’s payout ratio is currently 60.11%.

Insiders Place Their Bets

In other Sysco news, EVP Ronald Phillips sold 7,350 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $83.61, for a total transaction of $614,533.50. Following the completion of the transaction, the executive vice president owned 38,650 shares in the company, valued at approximately $3,231,526.50. This represents a 15.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 15,525 shares of company stock valued at $1,299,736. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Sysco during the second quarter worth $3,596,356,000. Bank of America Corp DE bought a new position in shares of Sysco in the 2nd quarter valued at about $482,589,000. Primecap Management Co. CA acquired a new position in shares of Sysco during the 2nd quarter worth about $313,503,000. Bank of New York Mellon Corp acquired a new position in shares of Sysco during the 2nd quarter worth about $273,323,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Sysco in the 2nd quarter valued at about $203,861,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Company Profile

Sysco Corporation is a global foodservice distributor headquartered in Houston, Texas. The company supplies restaurants, hotels, healthcare facilities, educational institutions, government organizations and other foodservice customers with a broad range of products and related services.

Sysco’s offerings include fresh and frozen foods, meat and seafood, dairy products, produce, canned and dry goods, beverages, specialty and international foods, and prepared and ready-to-use items. The company also distributes nonfood products such as kitchen equipment, tableware, cleaning supplies and other operating supplies.