SYSCO (SYY) Rating Reiterated by Royal Bank of Canada
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of SYSCO from a hold rating to a buy rating and set a $60.00 price target on the stock in a research note on Tuesday, October 10th. Pivotal Research raised their price target on shares of SYSCO from $53.00 to $60.00 and gave the stock a buy rating in a research note on Tuesday, December 12th. Loop Capital raised their price target on shares of SYSCO to $68.00 and gave the stock a buy rating in a research note on Monday, December 11th. BMO Capital Markets set a $66.00 price target on shares of SYSCO and gave the stock a buy rating in a research note on Friday, December 8th. Finally, Morgan Stanley raised shares of SYSCO from an underweight rating to an equal weight rating and set a $64.00 price target on the stock in a research note on Tuesday, January 16th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $65.20.
Shares of SYSCO (SYY) opened at $57.00 on Tuesday. SYSCO has a 12 month low of $48.85 and a 12 month high of $64.27. The company has a market cap of $29,700.00, a PE ratio of 25.56, a P/E/G ratio of 2.25 and a beta of 0.56. The company has a quick ratio of 0.88, a current ratio of 1.38 and a debt-to-equity ratio of 3.66.
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, January 5th were issued a dividend of $0.36 per share. This is a positive change from SYSCO’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, January 4th. SYSCO’s dividend payout ratio is presently 64.57%.
In other news, EVP Wayne Shurts sold 7,800 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $61.76, for a total transaction of $481,728.00. Following the transaction, the executive vice president now directly owns 55,235 shares in the company, valued at approximately $3,411,313.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William J. Delaney III sold 150,000 shares of the stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $54.05, for a total transaction of $8,107,500.00. Following the transaction, the chief executive officer now owns 526,725 shares in the company, valued at $28,469,486.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 294,695 shares of company stock worth $16,866,723. Insiders own 9.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Exane Derivatives raised its holdings in SYSCO by 137.8% in the third quarter. Exane Derivatives now owns 48,699 shares of the company’s stock valued at $2,627,000 after buying an additional 28,217 shares during the period. FDx Advisors Inc. raised its holdings in SYSCO by 27.6% in the third quarter. FDx Advisors Inc. now owns 35,396 shares of the company’s stock valued at $1,910,000 after buying an additional 7,652 shares during the period. Vident Investment Advisory LLC purchased a new position in SYSCO in the third quarter valued at approximately $393,000. Chicago Partners Investment Group LLC raised its holdings in SYSCO by 637.5% in the third quarter. Chicago Partners Investment Group LLC now owns 5,900 shares of the company’s stock valued at $318,000 after buying an additional 5,100 shares during the period. Finally, Stifel Financial Corp raised its holdings in SYSCO by 21.8% in the second quarter. Stifel Financial Corp now owns 1,093,476 shares of the company’s stock valued at $55,001,000 after buying an additional 195,903 shares during the period. Institutional investors and hedge funds own 80.09% of the company’s stock.
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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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