UBS Group Cuts Sysco (NYSE:SYY) Price Target to $87.00

Sysco (NYSE:SYY) had its price target lowered by UBS Group from $92.00 to $87.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

SYY has been the topic of several other reports. Stephens increased their target price on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on shares of Sysco from $84.00 to $87.00 and gave the stock an overweight rating in a research report on Tuesday, March 19th. Piper Sandler lowered their target price on shares of Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a research report on Wednesday. StockNews.com downgraded shares of Sysco from a strong-buy rating to a buy rating in a research report on Thursday, February 1st. Finally, Barclays increased their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $84.56.

Sysco Price Performance

Shares of NYSE:SYY opened at $75.36 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.80 and a debt-to-equity ratio of 5.77. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89. The business has a fifty day simple moving average of $78.65 and a 200 day simple moving average of $75.16. The firm has a market cap of $37.53 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 1.92 and a beta of 1.16.

Sysco (NYSE:SYY) last announced 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 business had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. During the same period last year, the company earned $0.90 earnings per share. Sysco’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Sysco will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.51 per share. This is a boost from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.71%. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Insider Activity

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

Institutional Trading of Sysco

A number of large investors have recently bought and sold shares of SYY. Howland Capital Management LLC grew its holdings in shares of Sysco by 1.6% during the first quarter. Howland Capital Management LLC now owns 39,025 shares of the company’s stock worth $3,168,000 after purchasing an additional 624 shares during the last quarter. Csenge Advisory Group grew its holdings in shares of Sysco by 9.3% during the first quarter. Csenge Advisory Group now owns 3,248 shares of the company’s stock worth $264,000 after purchasing an additional 276 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Sysco by 658.3% during the first quarter. Larson Financial Group LLC now owns 1,183 shares of the company’s stock worth $96,000 after purchasing an additional 1,027 shares during the last quarter. Rehmann Capital Advisory Group lifted its stake in shares of Sysco by 19.3% during the first quarter. Rehmann Capital Advisory Group now owns 12,827 shares of the company’s stock valued at $1,041,000 after acquiring an additional 2,072 shares during the period. Finally, Nicollet Investment Management Inc. lifted its stake in shares of Sysco by 23.4% during the first quarter. Nicollet Investment Management Inc. now owns 31,150 shares of the company’s stock valued at $2,529,000 after acquiring an additional 5,904 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Company Profile

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.