Morgan Stanley Cuts Sysco (NYSE:SYY) Price Target to $82.00

Sysco (NYSE:SYY) had its target price cut by Morgan Stanley from $84.00 to $82.00 in a report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages also recently weighed in on SYY. StockNews.com downgraded shares of Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Barclays increased their price objective on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Stephens boosted their target price on 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. upped their price target on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. Finally, Truist Financial lowered their price objective on Sysco from $91.00 to $87.00 and set a buy rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $85.11.

Sysco Stock Up 0.1 %

Shares of SYY opened at $72.95 on Thursday. The company has a market capitalization of $36.33 billion, a P/E ratio of 17.79, a PEG ratio of 1.94 and a beta of 1.16. Sysco has a one year low of $62.24 and a one year high of $82.89. The business’s 50 day simple moving average is $77.09 and its 200-day simple moving average is $76.21. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

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

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is presently 48.78%.

Insider Transactions at Sysco

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

Hedge Funds Weigh In On Sysco

Several institutional investors and hedge funds have recently modified their holdings of the business. WealthPlan Investment Management LLC lifted its position in Sysco by 706.9% in the 3rd quarter. WealthPlan Investment Management LLC now owns 3,381 shares of the company’s stock valued at $223,000 after acquiring an additional 2,962 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Sysco during the third quarter worth about $319,000. Signaturefd LLC boosted its position in shares of Sysco by 12.7% during the third quarter. Signaturefd LLC now owns 5,196 shares of the company’s stock worth $343,000 after buying an additional 584 shares during the period. Syon Capital LLC bought a new position in shares of Sysco during the third quarter worth about $399,000. Finally, NBC Securities Inc. acquired a new stake in Sysco in the 3rd quarter valued at approximately $467,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

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.