Sysco (NYSE:SYY) Downgraded to Buy at StockNews.com

StockNews.com downgraded shares of Sysco (NYSE:SYY) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday morning.

Several other research analysts have also recently issued reports on SYY. Barclays upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Truist Financial decreased their price objective on shares of Sysco from $87.00 to $85.00 and set a buy rating for the company in a research note on Monday, June 24th. Guggenheim upgraded Sysco from a neutral rating to a buy rating and set a $85.00 target price on the stock in a research report on Tuesday, May 28th. JPMorgan Chase & Co. upped their target price on Sysco from $85.00 to $88.00 and gave the company an overweight rating in a research report on Monday, September 16th. Finally, Morgan Stanley dropped their price target on Sysco from $82.00 to $81.00 and set an equal weight rating on the stock in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $86.08.

Sysco Stock Down 0.4 %

Sysco stock opened at $77.65 on Tuesday. The stock has a market cap of $38.17 billion, a PE ratio of 18.87, a P/E/G ratio of 1.99 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The stock’s fifty day moving average is $76.13 and its two-hundred day moving average is $75.49. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $1.34 EPS. On average, sell-side analysts expect that Sysco will post 4.6 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Hedge Funds Weigh In On Sysco

A number of hedge funds and other institutional investors have recently bought and sold shares of SYY. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its holdings in shares of Sysco by 1.1% in the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 17,045 shares of the company’s stock valued at $1,217,000 after acquiring an additional 178 shares in the last quarter. Heritage Wealth Management Inc. purchased a new stake in Sysco in the 2nd quarter valued at approximately $387,000. Sanctuary Advisors LLC acquired a new position in Sysco during the 2nd quarter worth approximately $6,827,000. Brown Financial Advisors purchased a new position in shares of Sysco during the 2nd quarter worth approximately $669,000. Finally, Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Sysco in the 2nd quarter valued at approximately $590,000. 83.41% of the stock is currently owned by hedge funds and other 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.