Sysco Corp. (SYY) Upgraded at Barclays PLC
Barclays PLC upgraded shares of Sysco Corp. (NYSE:SYY) from an underweight rating to an equal weight rating in a report released on Wednesday. The firm currently has $53.00 target price on the stock, up from their prior target price of $48.00. The analysts noted that the move was a valuation call.
Other equities analysts have also issued reports about the stock. Bank of America Corp. set a $54.00 price objective on shares of Sysco Corp. and gave the company a hold rating in a report on Saturday, September 17th. Vetr downgraded shares of Sysco Corp. from a hold rating to a sell rating and set a $50.83 target price for the company. in a research note on Thursday, August 18th. Deutsche Bank AG initiated coverage on shares of Sysco Corp. in a research note on Monday, July 18th. They issued a hold rating and a $52.00 target price for the company. JPMorgan Chase & Co. restated a neutral rating and issued a $57.00 target price (up from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Finally, Pivotal Research raised their target price on shares of Sysco Corp. from $45.00 to $53.00 and gave the company a hold rating in a research note on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Sysco Corp. currently has a consensus rating of Hold and a consensus target price of $52.09.
Shares of Sysco Corp. (NYSE:SYY) opened at 53.13 on Wednesday. The stock has a market capitalization of $29.49 billion, a price-to-earnings ratio of 32.40 and a beta of 0.49. The stock has a 50 day moving average price of $48.97 and a 200 day moving average price of $50.05. Sysco Corp. has a 1-year low of $38.84 and a 1-year high of $54.66.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. The company had revenue of $14 billion for the quarter, compared to analyst estimates of $13.88 billion. Sysco Corp. had a net margin of 1.99% and a return on equity of 34.82%. Sysco Corp.’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. Equities research analysts anticipate that Sysco Corp. will post $2.42 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 28th. Investors of record on Friday, October 7th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.33%. Sysco Corp.’s dividend payout ratio is presently 68.13%.
In other Sysco Corp. news, insider Paul T. Moskowitz sold 74,271 shares of Sysco Corp. stock in a transaction on Monday, November 7th. The shares were sold at an average price of $51.40, for a total value of $3,817,529.40. Following the completion of the transaction, the insider now owns 78,695 shares of the company’s stock, valued at $4,044,923. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William J. Delaney III sold 20,114 shares of Sysco Corp. stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $51.92, for a total transaction of $1,044,318.88. Following the completion of the transaction, the chief executive officer now directly 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. Corporate insiders own 8.81% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYY. Lebenthal Asset Management LLC purchased a new position in Sysco Corp. during the first quarter worth $3,884,000. First Republic Investment Management Inc. boosted its position in Sysco Corp. by 47.3% in the first quarter. First Republic Investment Management Inc. now owns 168,243 shares of the company’s stock worth $7,863,000 after buying an additional 54,006 shares during the last quarter. Euclid Advisors LLC boosted its position in Sysco Corp. by 1,894.8% in the first quarter. Euclid Advisors LLC now owns 621,764 shares of the company’s stock worth $29,055,000 after buying an additional 590,594 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in Sysco Corp. by 47.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 81,404 shares of the company’s stock worth $3,807,000 after buying an additional 26,089 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Sysco Corp. by 0.9% in the first quarter. Arizona State Retirement System now owns 240,659 shares of the company’s stock worth $11,246,000 after buying an additional 2,200 shares during the last quarter. 76.77% of the stock is owned by institutional investors.
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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