Sysco Corp. (NYSE:SYY) Receives Average Recommendation of “Hold” from Brokerages
Sysco Corp. (NYSE:SYY) has been given a consensus recommendation of “Hold” by the fifteen brokerages that are presently covering the stock. Three analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $50.94.
Several brokerages have weighed in on SYY. Jefferies Group restated a “hold” rating and set a $50.00 target price on shares of Sysco Corp. in a research report on Friday, September 30th. Barclays PLC began coverage on shares of Sysco Corp. in a research report on Friday, September 23rd. They set an “underweight” rating and a $48.00 target price on the stock. Bank of America Corp. set a $54.00 target price on shares of Sysco Corp. and gave the stock a “hold” rating in a research report on Saturday, September 17th. Vetr upgraded shares of Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 target price on the stock in a research report on Monday, September 12th. Finally, Argus increased their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 19th.
Shares of Sysco Corp. (NYSE:SYY) opened at 48.11 on Friday. The stock has a market cap of $26.71 billion, a price-to-earnings ratio of 29.34 and a beta of 0.52. The firm has a 50-day moving average price of $50.89 and a 200-day moving average price of $49.65. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $53.97.
Sysco Corp. (NYSE:SYY) last issued its earnings results on Monday, August 15th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.03. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The company had revenue of $13.65 billion for the quarter, compared to analyst estimates of $13.68 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts expect that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio is currently 75.15%.
In other Sysco Corp. news, insider William B. Day sold 26,507 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $49.00, for a total transaction of $1,298,843.00. Following the transaction, the insider now owns 132,790 shares of the company’s stock, valued at $6,506,710. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider William B. Day sold 75,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the transaction, the insider now directly owns 201,283 shares in the company, valued at approximately $10,372,112.99. The disclosure for this sale can be found here. Company insiders own 7.77% of the company’s stock.
A number of institutional investors have recently bought and sold shares of SYY. Cribstone Capital Management LLC bought a new position in Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC increased its position in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares in the last quarter. Tuttle Tactical Management LLC bought a new position in Sysco Corp. during the second quarter worth $126,000. Global X Management Co. LLC increased its position in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock worth $129,000 after buying an additional 1,619 shares in the last quarter. Finally, Bruderman Asset Management LLC increased its position in Sysco Corp. by 2.5% in the second quarter. Bruderman Asset Management LLC now owns 2,788 shares of the company’s stock worth $141,000 after buying an additional 68 shares in the last quarter. 76.65% of the stock is currently owned by institutional investors.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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