Sysco (NYSE:SYY) Price Target Lowered to $87.00 at Bank of America

Sysco (NYSE:SYY) had its target price lowered by Bank of America from $91.00 to $87.00 in a report released on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

SYY has been the subject of a number of other reports. JPMorgan Chase & Co. reduced their target price on shares of Sysco from $87.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. Morgan Stanley decreased their target price on Sysco from $82.00 to $81.00 and set an equal weight rating for the company in a research report on Tuesday, July 16th. UBS Group dropped their price target on Sysco from $92.00 to $87.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. Piper Sandler decreased their price objective on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a report on Wednesday, May 1st. Finally, BMO Capital Markets lowered their price objective on Sysco from $90.00 to $85.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $85.00.

Sysco Stock Performance

SYY stock opened at $73.62 on Thursday. The business has a 50 day moving average of $72.60 and a 200-day moving average of $76.18. The firm has a market cap of $36.66 billion, a PE ratio of 17.96, a P/E/G ratio of 1.98 and a beta of 1.18. 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.

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

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.77%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s dividend payout ratio is presently 49.76%.

Hedge Funds Weigh In On Sysco

Hedge funds have recently bought and sold shares of the company. TruNorth Capital Management LLC bought a new position in Sysco in the 2nd quarter valued at $25,000. First United Bank & Trust purchased a new stake in shares of Sysco in the fourth quarter worth $26,000. Verity & Verity LLC bought a new stake in Sysco during the first quarter valued at $26,000. AdvisorNet Financial Inc grew its position in Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after buying an additional 159 shares in the last quarter. Finally, Burkett Financial Services LLC bought a new position in Sysco in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Company Profile

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.