Truist Financial Lowers Sysco (NYSE:SYY) Price Target to $85.00

Sysco (NYSE:SYY) had its price target reduced by Truist Financial from $87.00 to $85.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. Barclays decreased their price objective on Sysco from $88.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. Morgan Stanley decreased their target price on shares of Sysco from $84.00 to $82.00 and set an equal weight rating on the stock in a research report on Thursday, May 23rd. Guggenheim upgraded shares of Sysco from a neutral rating to a buy rating and set a $85.00 price objective for the company in a research note on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Sysco from $90.00 to $86.00 and set a buy rating on the stock in a research report on Thursday, May 23rd. Finally, UBS Group decreased their price target on Sysco from $92.00 to $87.00 and set a buy rating on the stock in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $84.90.

Sysco Price Performance

Shares of NYSE SYY opened at $72.28 on Monday. The stock’s 50-day simple moving average is $74.17 and its 200-day simple moving average is $76.46. The firm has a market capitalization of $35.99 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.14 and a beta of 1.17. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, equities research analysts forecast that Sysco will post 4.29 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.51 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.82%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is presently 48.78%.

Institutional Investors Weigh In On Sysco

Hedge funds have recently modified their holdings of the company. First United Bank & Trust acquired a new stake in shares of Sysco in the fourth quarter worth approximately $26,000. AdvisorNet Financial Inc boosted its holdings in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after purchasing an additional 159 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Sysco during the 1st quarter valued at $31,000. Burkett Financial Services LLC acquired a new stake in shares of Sysco during the 4th quarter worth $30,000. Finally, Headlands Technologies LLC purchased a new position in shares of Sysco in the 4th quarter worth $34,000. 83.41% of the stock is 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.