Sysco Corp. (SYY) PT Set at $56.00 by BMO Capital Markets
Sysco Corp. (NYSE:SYY) has been assigned a $56.00 target price by equities research analysts at BMO Capital Markets in a research note issued on Wednesday. The brokerage presently has a a “hold” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 5.22% from the company’s previous close.
Other research analysts have also recently issued research reports about the company. Argus upped their target price on Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Bank of America Corp. raised Sysco Corp. from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Tuesday. Barclays PLC raised Sysco Corp. from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $48.00 to $53.00 in a research note on Wednesday. They noted that the move was a valuation call. Pivotal Research increased their price objective on Sysco Corp. from $45.00 to $53.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Jefferies Group reissued a “hold” rating and issued a $50.00 price objective on shares of Sysco Corp. in a research note on Friday, September 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $52.09.
Shares of Sysco Corp. (NYSE:SYY) opened at 53.22 on Wednesday. The firm has a 50 day moving average price of $48.89 and a 200-day moving average price of $50.00. Sysco Corp. has a 12-month low of $38.84 and a 12-month high of $54.66. The company has a market cap of $29.54 billion, a price-to-earnings ratio of 32.45 and a beta of 0.49.
Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, November 7th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.09. The firm had revenue of $14 billion for the quarter, compared to analysts’ expectations of $13.88 billion. Sysco Corp. had a return on equity of 34.82% and a net margin of 1.99%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, equities analysts expect that Sysco Corp. will post $2.33 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 7th were issued a dividend of $0.31 per share. The ex-dividend date was Wednesday, October 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.33%. Sysco Corp.’s dividend payout ratio is presently 68.13%.
In related news, SVP Greg D. Bertrand sold 16,500 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $50.79, for a total value of $838,035.00. Following the completion of the transaction, the senior vice president now owns 57,491 shares in the company, valued at approximately $2,919,967.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $51.92, for a total value of $1,044,318.88. Following the completion of the transaction, the chief executive officer now owns 422,507 shares of the company’s stock, valued at approximately $21,936,563.44. The disclosure for this sale can be found here. Insiders own 8.81% of the company’s stock.
A number of institutional investors have recently modified their holdings of SYY. Eagle Asset Management Inc. increased its stake in shares of Sysco Corp. by 5.7% in the second quarter. Eagle Asset Management Inc. now owns 1,767,902 shares of the company’s stock valued at $89,703,000 after buying an additional 95,309 shares in the last quarter. Sabal Trust CO increased its stake in shares of Sysco Corp. by 2.0% in the second quarter. Sabal Trust CO now owns 465,104 shares of the company’s stock valued at $23,600,000 after buying an additional 9,269 shares in the last quarter. Parsec Financial Management Inc. increased its stake in shares of Sysco Corp. by 1.2% in the second quarter. Parsec Financial Management Inc. now owns 333,992 shares of the company’s stock valued at $16,947,000 after buying an additional 3,912 shares in the last quarter. Advisor Partners LLC increased its stake in shares of Sysco Corp. by 4.0% in the second quarter. Advisor Partners LLC now owns 7,808 shares of the company’s stock valued at $396,000 after buying an additional 299 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in shares of Sysco Corp. by 1,297.1% in the first quarter. Panagora Asset Management Inc. now owns 821,152 shares of the company’s stock valued at $38,372,000 after buying an additional 762,376 shares in the last quarter. Institutional investors own 77.36% of the company’s stock.
Sysco Corp. Company Profile
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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