Barclays PLC began coverage on shares of Sysco Corp. (NYSE:SYY) in a note issued to investors on Friday. The brokerage set an “underweight” rating and a $48.00 price target on the stock. Barclays PLC’s price target suggests a potential downside of 1.80% from the company’s previous close.
A number of other brokerages have also commented on SYY. Argus increased their price target 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. set a $54.00 price objective on Sysco Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. Deutsche Bank AG initiated coverage on Sysco Corp. in a research report on Monday, July 18th. They set a “hold” rating and a $52.00 price objective on the stock. Vetr upgraded Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price objective on the stock in a research report on Monday, September 12th. Finally, BMO Capital Markets restated a “hold” rating and set a $52.00 price objective on shares of Sysco Corp. in a research report on Thursday, June 16th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $50.16.
Shares of Sysco Corp. (NYSE:SYY) opened at 48.88 on Friday. Sysco Corp. has a 52-week low of $38.34 and a 52-week high of $53.97. The company’s 50 day moving average price is $51.38 and its 200 day moving average price is $49.52. The company has a market capitalization of $27.13 billion, a price-to-earnings ratio of 29.80 and a beta of 0.56.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, August 15th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The company earned $13.65 billion during the quarter, compared to analyst estimates of $13.68 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. On average, analysts predict that Sysco Corp. will post $2.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.24 annualized dividend and a yield of 2.54%. Sysco Corp.’s dividend payout ratio (DPR) is currently 75.15%.
In other Sysco Corp. news, CFO Joel T. Grade sold 16,398 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.00, for a total transaction of $836,298.00. Following the sale, the chief financial officer now owns 59,021 shares of the company’s stock, valued at approximately $3,010,071. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $51.96, for a total value of $1,045,123.44. Following the sale, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $21,953,463.72. The disclosure for this sale can be found here. 7.77% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc boosted its stake in shares of Sysco Corp. by 12.0% in the first quarter. IFP Advisors Inc now owns 37,211 shares of the company’s stock valued at $1,739,000 after buying an additional 3,973 shares during the period. Virginia Retirement System bought a new stake in shares of Sysco Corp. during the first quarter valued at about $25,405,000. Mn Services Vermogensbeheer B.V. bought a new stake in shares of Sysco Corp. during the first quarter valued at about $578,000. Aperio Group LLC boosted its stake in shares of Sysco Corp. by 10.7% in the first quarter. Aperio Group LLC now owns 394,497 shares of the company’s stock valued at $18,435,000 after buying an additional 38,232 shares during the period. Finally, Commonwealth Equity Services Inc boosted its stake in shares of Sysco Corp. by 7.0% in the first quarter. Commonwealth Equity Services Inc now owns 203,498 shares of the company’s stock valued at $9,509,000 after buying an additional 13,261 shares during the period. 76.65% of the stock is currently owned by institutional investors and hedge funds.
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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