BMO Capital Markets Cuts Sysco (NYSE:SYY) Price Target to $85.00

Sysco (NYSE:SYY) had its target price lowered by BMO Capital Markets from $90.00 to $85.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other analysts have also issued reports about the company. Piper Sandler lowered their target price on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a research note on Wednesday, May 1st. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Morgan Stanley lowered their target price on Sysco from $84.00 to $82.00 and set an equal weight rating for the company in a research note on Thursday. UBS Group lowered their target price on Sysco from $92.00 to $87.00 and set a buy rating for the company in a research note on Wednesday, May 1st. Finally, Stephens lifted their price objective on Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Sysco presently has a consensus rating of Moderate Buy and an average target price of $85.11.

Sysco Stock Performance

Sysco stock opened at $72.95 on Thursday. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The stock has a fifty day moving average price of $77.09 and a two-hundred day moving average price of $76.27. Sysco has a 52-week low of $62.24 and a 52-week high of $82.89. The firm has a market capitalization of $36.33 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.94 and a beta of 1.16.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. During the same period in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that Sysco will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. This is a boost from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is 48.78%.

Insiders Place Their Bets

In other Sysco news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Sysco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYY. First United Bank & Trust bought a new position in shares of Sysco during the 4th quarter valued at about $26,000. Verity & Verity LLC bought a new position in shares of Sysco during the 1st quarter valued at about $26,000. AdvisorNet Financial Inc lifted its holdings in shares of Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after purchasing an additional 159 shares in the last quarter. Burkett Financial Services LLC bought a new position in shares of Sysco during the 4th quarter valued at about $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Sysco during the 1st quarter valued at about $31,000. Institutional investors own 83.41% of the company’s stock.

About Sysco

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.