Credit Suisse Group started coverage on shares of Sysco (NYSE:SYY) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $68.00 price target on the stock.
Several other analysts have also recently weighed in on SYY. Zacks Investment Research raised shares of Sysco from a hold rating to a strong-buy rating and set a $71.00 price objective on the stock in a research note on Wednesday, January 10th. Morgan Stanley raised shares of Sysco from an underweight rating to an equal weight rating and set a $64.00 price objective on the stock in a research note on Tuesday, January 16th. Loop Capital boosted their price objective on shares of Sysco from $68.00 to $72.00 and gave the stock a buy rating in a research note on Wednesday, January 31st. Jefferies Group set a $67.00 price objective on shares of Sysco and gave the stock a hold rating in a research note on Monday, February 5th. Finally, BMO Capital Markets set a $74.00 price objective on shares of Sysco and gave the stock a buy rating in a research note on Monday, February 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Sysco has an average rating of Hold and an average price target of $65.25.
Shares of Sysco stock opened at $61.15 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 0.85 and a debt-to-equity ratio of 3.66. Sysco has a twelve month low of $48.85 and a twelve month high of $64.27. The firm has a market capitalization of $32,280.67, a P/E ratio of 24.66, a price-to-earnings-growth ratio of 2.09 and a beta of 0.55.
Sysco (NYSE:SYY) last issued its quarterly earnings data on Monday, February 5th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.01. Sysco had a net margin of 2.10% and a return on equity of 61.02%. The company had revenue of $14.41 billion for the quarter, compared to analysts’ expectations of $14.15 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Sysco’s revenue for the quarter was up 7.1% on a year-over-year basis. sell-side analysts predict that Sysco will post 2.93 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 6th will be issued a $0.36 dividend. The ex-dividend date is Thursday, April 5th. This represents a $1.44 annualized dividend and a yield of 2.35%. Sysco’s payout ratio is 58.06%.
In related news, insider Paul T. Moskowitz sold 30,667 shares of the business’s stock in a transaction on Wednesday, April 18th. The shares were sold at an average price of $62.50, for a total value of $1,916,687.50. Following the transaction, the insider now owns 58,329 shares in the company, valued at $3,645,562.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Wayne Shurts sold 7,800 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $58.98, for a total transaction of $460,044.00. Following the completion of the transaction, the executive vice president now owns 55,235 shares in the company, valued at approximately $3,257,760.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 79,076 shares of company stock worth $4,838,936. 9.60% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Summit X LLC lifted its holdings in Sysco by 9.5% in the fourth quarter. Summit X LLC now owns 9,077 shares of the company’s stock valued at $551,000 after buying an additional 790 shares during the period. Fiduciary Trust Co. raised its holdings in shares of Sysco by 1.3% during the fourth quarter. Fiduciary Trust Co. now owns 62,376 shares of the company’s stock valued at $3,788,000 after purchasing an additional 824 shares during the period. Redmond Asset Management LLC raised its holdings in shares of Sysco by 13.8% during the fourth quarter. Redmond Asset Management LLC now owns 7,123 shares of the company’s stock valued at $433,000 after purchasing an additional 863 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Sysco by 7.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 12,315 shares of the company’s stock valued at $748,000 after purchasing an additional 866 shares during the period. Finally, Cognios Capital LLC raised its holdings in shares of Sysco by 2.3% during the fourth quarter. Cognios Capital LLC now owns 38,935 shares of the company’s stock valued at $2,362,000 after purchasing an additional 867 shares during the period. Institutional investors and hedge funds own 79.02% of the company’s stock.
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Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry in the United States, Canada, Bahamas, Mexico, Costa Rica, Panama, the United Kingdom, France, Sweden, Ireland, Belgium, Spain, and Luxembourg.
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