Sysco (NYSE:SYY) Upgraded by StockNews.com to Strong-Buy

StockNews.com upgraded shares of Sysco (NYSE:SYY) from a buy rating to a strong-buy rating in a research note released on Wednesday.

Several other equities research analysts have also commented on the stock. Barclays boosted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Truist Financial reduced their price target on shares of Sysco from $87.00 to $85.00 and set a buy rating for the company in a research report on Monday, June 24th. Morgan Stanley lowered their price objective on Sysco from $82.00 to $81.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. Bank of America reduced their target price on Sysco from $91.00 to $87.00 and set a buy rating for the company in a report on Thursday, July 18th. Finally, Jefferies Financial Group boosted their price target on Sysco from $91.00 to $92.00 and gave the stock a buy rating in a research report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $86.08.

Sysco Trading Down 0.3 %

SYY stock opened at $75.41 on Wednesday. Sysco has a 52-week low of $62.24 and a 52-week high of $82.89. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The firm has a market cap of $37.07 billion, a P/E ratio of 18.39, a PEG ratio of 2.02 and a beta of 1.20. The company’s 50-day simple moving average is $76.65 and its 200-day simple moving average is $75.31.

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

Sysco Dividend Announcement

The company 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 $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. Sysco’s dividend payout ratio (DPR) is 49.76%.

Institutional Investors Weigh In On Sysco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYY. TruNorth Capital Management LLC purchased a new position in shares of Sysco during the 2nd quarter worth $25,000. OFI Invest Asset Management acquired a new position in Sysco in the first quarter valued at about $31,000. Fairscale Capital LLC purchased a new position in Sysco during the second quarter worth about $38,000. Fairman Group LLC acquired a new stake in shares of Sysco during the fourth quarter valued at about $39,000. Finally, LRI Investments LLC purchased a new stake in shares of Sysco in the 1st quarter valued at approximately $45,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

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.