Sysco (NYSE:SYY) Lifted to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Sysco (NYSE:SYY) from a buy rating to a strong-buy rating in a report issued on Monday morning.

Other research analysts also recently issued reports about the company. Guggenheim raised Sysco from a neutral rating to a buy rating and set a $85.00 price target for the company in a report on Tuesday, May 28th. BMO Capital Markets decreased their price objective on Sysco from $90.00 to $85.00 and set an outperform rating on the stock in a report on Thursday, May 23rd. Morgan Stanley dropped their target price on shares of Sysco from $82.00 to $81.00 and set an equal weight rating for the company in a report on Tuesday, July 16th. Truist Financial decreased their target price on shares of Sysco from $87.00 to $85.00 and set a buy rating on the stock in a research note on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Sysco from $90.00 to $86.00 and set a buy rating on the stock in a research report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Sysco has an average rating of Moderate Buy and an average price target of $85.27.

Sysco Trading Up 0.6 %

NYSE:SYY opened at $78.74 on Monday. The firm has a 50-day simple moving average of $74.34 and a 200-day simple moving average of $75.82. Sysco has a one year low of $62.24 and a one year high of $82.89. The firm has a market cap of $38.70 billion, a P/E ratio of 19.20, a P/E/G ratio of 2.03 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20.

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

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is presently 49.76%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SYY. Brown Financial Advisors acquired a new position in shares of Sysco during the 2nd quarter worth approximately $669,000. Heritage Oak Wealth Advisors LLC purchased a new position in Sysco during the second quarter worth approximately $590,000. Cetera Investment Advisers boosted its holdings in shares of Sysco by 2.7% in the 2nd quarter. Cetera Investment Advisers now owns 292,770 shares of the company’s stock valued at $20,901,000 after purchasing an additional 7,758 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of Sysco by 18.8% during the 2nd quarter. EP Wealth Advisors LLC now owns 9,926 shares of the company’s stock worth $709,000 after buying an additional 1,570 shares during the last quarter. Finally, Kimelman & Baird LLC purchased a new position in shares of Sysco in the 2nd quarter worth about $1,196,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

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.