JPMorgan Chase & Co. Trims Sysco (NYSE:SYY) Target Price to $85.00

Sysco (NYSE:SYY) had its price target lowered by JPMorgan Chase & Co. from $87.00 to $85.00 in a research note released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets increased their price objective on Sysco from $85.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, January 31st. Piper Sandler dropped their price objective on Sysco from $83.00 to $79.00 and set a neutral rating on the stock in a report on Wednesday, May 1st. Stephens increased their price objective on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a report on Wednesday, January 31st. Truist Financial dropped their price objective on Sysco from $91.00 to $87.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, Barclays increased their price objective on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a report on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $85.11.

Sysco Price Performance

SYY stock opened at $72.95 on Thursday. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The firm has a market capitalization of $36.33 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.94 and a beta of 1.16. The business’s 50-day moving average is $77.09 and its two-hundred day moving average is $76.27. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 EPS. Analysts anticipate that Sysco will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis 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 (DPR) is currently 48.78%.

Insider Buying and Selling

In other Sysco news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Professional Advisory Services Inc. acquired a new position in shares of Sysco in the fourth quarter valued at approximately $20,057,000. Harbour Trust & Investment Management Co acquired a new position in shares of Sysco in the fourth quarter valued at approximately $4,623,000. Pacer Advisors Inc. increased its holdings in shares of Sysco by 40.1% in the fourth quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after purchasing an additional 23,558 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sysco by 16.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after purchasing an additional 41,618 shares during the period. Finally, Sherbrooke Park Advisers LLC increased its holdings in shares of Sysco by 161.7% in the third quarter. Sherbrooke Park Advisers LLC now owns 18,238 shares of the company’s stock valued at $1,205,000 after purchasing an additional 11,269 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

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.