Sysco (NYSE:SYY) Price Target Cut to $83.00 by Analysts at Truist Financial

Sysco (NYSE:SYY) had its price objective reduced by Truist Financial from $85.00 to $83.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research analysts have also issued reports on SYY. Jefferies Financial Group raised their price target on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Barclays dropped their target price on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their price target on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Melius Research raised Sysco to a “hold” rating in a research note on Wednesday, December 18th. Finally, Morgan Stanley decreased their target price on Sysco from $82.00 to $79.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.85.

Sysco Price Performance

SYY stock opened at $72.79 on Wednesday. The company has a debt-to-equity ratio of 5.66, a quick ratio of 0.73 and a current ratio of 1.20. Sysco has a 52-week low of $69.03 and a 52-week high of $82.89. The company has a market capitalization of $35.76 billion, a P/E ratio of 18.71, a PEG ratio of 1.96 and a beta of 1.18. The company has a fifty day moving average price of $76.36 and a 200-day moving average price of $75.98.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same quarter in the prior year, the firm posted $0.89 EPS. As a group, equities analysts expect that Sysco will post 4.57 EPS for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 24th. Shareholders of record on Friday, January 3rd were paid a dividend of $0.51 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Insider Buying and Selling at Sysco

In other news, SVP Eve M. Mcfadden sold 6,499 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total value of $519,920.00. Following the completion of the sale, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at $3,876,080. This represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Greg D. Bertrand sold 48,027 shares of Sysco stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total value of $3,698,079.00. Following the transaction, the executive vice president now directly owns 56,304 shares in the company, valued at approximately $4,335,408. The trade was a 46.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,270 shares of company stock valued at $6,181,946. Corporate insiders own 0.54% of the company’s stock.

Institutional Trading of Sysco

Several institutional investors and hedge funds have recently made changes to their positions in SYY. State Street Corp increased its stake in Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after buying an additional 2,721,449 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Sysco by 11.2% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock valued at $521,874,000 after acquiring an additional 672,940 shares during the last quarter. Primecap Management Co. CA lifted its holdings in Sysco by 9.7% during the third quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock worth $374,410,000 after acquiring an additional 422,954 shares during the period. Montrusco Bolton Investments Inc. boosted its position in Sysco by 8.5% in the third quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock worth $366,789,000 after purchasing an additional 375,409 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Sysco by 4.1% in the 3rd quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company’s stock valued at $332,983,000 after purchasing an additional 168,163 shares during the period. Hedge funds and other institutional investors own 83.41% of the company’s stock.

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.