Pivotal Research Raises Sysco (SYY) Price Target to $60.00
Sysco (NYSE:SYY) had its price target lifted by Pivotal Research from $53.00 to $60.00 in a research note issued to investors on Tuesday morning, MarketBeat.com reports. They currently have a buy rating on the stock.
Several other analysts have also recently commented on the stock. BMO Capital Markets reiterated an outperform rating on shares of Sysco in a research report on Tuesday, September 12th. Zacks Investment Research cut shares of Sysco from a buy rating to a hold rating in a research report on Thursday, November 9th. Loop Capital upped their target price on shares of Sysco to $68.00 and gave the company a buy rating in a research report on Monday. Finally, Wells Fargo & Company reiterated a buy rating on shares of Sysco in a research report on Monday, August 14th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $58.55.
Shares of Sysco (NYSE:SYY) traded down $0.72 during trading on Tuesday, hitting $60.90. 3,086,500 shares of the company’s stock traded hands, compared to its average volume of 2,901,728. The company has a market cap of $32,107.49, a PE ratio of 24.17, a price-to-earnings-growth ratio of 2.64 and a beta of 0.54. Sysco has a 52 week low of $48.85 and a 52 week high of $62.79. The company has a quick ratio of 0.88, a current ratio of 1.40 and a debt-to-equity ratio of 3.77.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 5th will be issued a $0.36 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, January 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.36%. Sysco’s payout ratio is 60.00%.
In other news, CEO William J. Delaney III sold 200,000 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $53.76, for a total value of $10,752,000.00. Following the completion of the transaction, the chief executive officer now owns 576,725 shares of the company’s stock, valued at approximately $31,004,736. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul T. Moskowitz sold 16,667 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $54.12, for a total transaction of $902,018.04. Following the completion of the transaction, the insider now directly owns 61,936 shares of the company’s stock, valued at approximately $3,351,976.32. The disclosure for this sale can be found here. Insiders sold a total of 1,820,067 shares of company stock valued at $98,262,450 in the last three months. 9.60% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Xact Kapitalforvaltning AB boosted its stake in Sysco by 2.3% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 102,700 shares of the company’s stock worth $5,169,000 after purchasing an additional 2,314 shares during the period. Fox Run Management L.L.C. acquired a new position in Sysco in the 2nd quarter worth $352,000. Stock Yards Bank & Trust Co. boosted its stake in Sysco by 2.6% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 4,859 shares of the company’s stock worth $244,000 after purchasing an additional 122 shares during the period. BKD Wealth Advisors LLC boosted its stake in Sysco by 6.4% in the 2nd quarter. BKD Wealth Advisors LLC now owns 50,795 shares of the company’s stock worth $2,556,000 after purchasing an additional 3,049 shares during the period. Finally, City Holding Co. boosted its stake in Sysco by 5.2% in the 2nd quarter. City Holding Co. now owns 35,812 shares of the company’s stock worth $1,802,000 after purchasing an additional 1,780 shares during the period. 80.22% of the stock is owned by institutional investors.
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Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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