Barclays Issues Pessimistic Forecast for Sysco (NYSE:SYY) Stock Price

Sysco (NYSE:SYY) had its target price reduced by Barclays from $87.00 to $77.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

SYY has been the subject of several other reports. BMO Capital Markets dropped their target price on Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Wednesday. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Truist Financial reduced their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. UBS Group dropped their price target on shares of Sysco from $86.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the stock an “overweight” rating in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.38.

Sysco Trading Up 0.8 %

SYY opened at $70.74 on Wednesday. The company has a market cap of $34.61 billion, a P/E ratio of 18.19, a PEG ratio of 1.88 and a beta of 0.91. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. The company’s 50 day moving average is $72.59 and its 200-day moving average is $74.29. Sysco has a 1-year low of $67.12 and a 1-year high of $82.23.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.06). The company had revenue of $19.60 billion during the quarter, compared to analyst estimates of $20.11 billion. Sysco had a net margin of 2.40% and a return on equity of 106.30%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 EPS. Equities research analysts predict that Sysco will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This is a positive change from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 3.05%. Sysco’s dividend payout ratio (DPR) is 55.96%.

Insider Activity at Sysco

In related news, Director Sheila Talton sold 356 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the transaction, the director now owns 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sysco

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rialto Wealth Management LLC grew its stake in shares of Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company’s stock valued at $25,000 after buying an additional 217 shares during the period. Parvin Asset Management LLC bought a new position in Sysco in the fourth quarter worth approximately $29,000. Stonebridge Financial Group LLC acquired a new stake in Sysco in the fourth quarter valued at approximately $31,000. Flagship Wealth Advisors LLC bought a new stake in shares of Sysco during the fourth quarter valued at approximately $31,000. Finally, Sherman Asset Management Inc. bought a new position in shares of Sysco in the 4th quarter worth $31,000. 83.41% of the stock is owned by institutional investors.

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.