Sysco (NYSE:SYY) PT Raised to $88.00

Sysco (NYSE:SYY) had its price target raised by JPMorgan Chase & Co. from $85.00 to $88.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently commented on the stock. Guggenheim raised shares of Sysco from a neutral rating to a buy rating and set a $85.00 price target on the stock in a research report on Tuesday, May 28th. Truist Financial reduced their price target on shares of Sysco from $87.00 to $85.00 and set a buy rating on the stock in a research report on Monday, June 24th. Bank of America reduced their price target on shares of Sysco from $91.00 to $87.00 and set a buy rating on the stock in a research report on Thursday, July 18th. StockNews.com raised shares of Sysco from a buy rating to a strong-buy rating in a research report on Monday, September 2nd. Finally, Barclays increased their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $85.55.

Sysco Price Performance

Sysco stock opened at $74.14 on Monday. Sysco has a 52-week low of $62.24 and a 52-week high of $82.89. The firm has a market capitalization of $36.44 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.01 and a beta of 1.20. The company has a fifty day simple moving average of $75.81 and a 200-day simple moving average of $75.60. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. The firm had revenue of $20.56 billion for the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 EPS. On average, equities analysts anticipate that Sysco will post 4.6 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.75%. Sysco’s dividend payout ratio is currently 49.76%.

Institutional Investors Weigh In On Sysco

Large investors have recently modified their holdings of the company. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group lifted its holdings in shares of Sysco by 1.1% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 17,045 shares of the company’s stock worth $1,217,000 after purchasing an additional 178 shares during the period. Heritage Wealth Management Inc. acquired a new stake in shares of Sysco during the second quarter worth $387,000. Sanctuary Advisors LLC acquired a new stake in shares of Sysco during the second quarter worth $6,827,000. Brown Financial Advisors acquired a new stake in shares of Sysco during the second quarter worth $669,000. Finally, Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Sysco during the second quarter worth $590,000. 83.41% of the stock is owned by institutional investors and hedge funds.

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.