Zacks Investment Research cut shares of Sysco Corporation (NYSE:SYY) from a buy rating to a hold rating in a report issued on Thursday morning.
According to Zacks, “Sysco began fiscal 2018 on a strong note, as solid domestic results compensated for the weakness in Europe. Both top and bottom lines grew year over year and topped the Zacks Consensus Estimate in the first quarter. While this marked Sysco’s third straight quarter of sales beat, earnings have topped the consensus mark in seven out of the past eight quarters. Sysco’s robust past record has also helped it to surpass the industry in the past three months. Results in the quarter were backed by Sysco’s cost-savings and revenue-management efforts. Also, focus on buyouts have been aiding its performance. However, international results were hurt by softness in Europe, which is battling slow traffic. Moreover, weak UK currency resulted in food cost inflation, thereby leading to pricing pressure. While these hurdles are likely to persist in fiscal 2018, management expects its U.S. business to be buoyed by higher consumer demand.”
Other equities analysts also recently issued research reports about the stock. Jefferies Group LLC reaffirmed a hold rating and issued a $51.00 price objective on shares of Sysco Corporation in a report on Friday, August 4th. BMO Capital Markets reaffirmed an outperform rating on shares of Sysco Corporation in a report on Tuesday, September 12th. Pivotal Research set a $53.00 price objective on shares of Sysco Corporation and gave the stock a hold rating in a report on Sunday, August 13th. Wells Fargo & Company reaffirmed a buy rating on shares of Sysco Corporation in a report on Monday, July 17th. Finally, Royal Bank Of Canada set a $50.00 price objective on shares of Sysco Corporation and gave the stock a hold rating in a report on Friday, August 11th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Sysco Corporation has an average rating of Hold and a consensus price target of $56.42.
Sysco Corporation (NYSE:SYY) traded up $0.17 during mid-day trading on Thursday, hitting $54.19. 1,717,800 shares of the stock were exchanged, compared to its average volume of 2,934,361. The firm has a market capitalization of $28,200.00, a P/E ratio of 21.25, a P/E/G ratio of 2.51 and a beta of 0.53. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.40 and a quick ratio of 0.88. Sysco Corporation has a twelve month low of $48.85 and a twelve month high of $57.23.
Sysco Corporation (NYSE:SYY) last released its quarterly earnings data on Monday, November 6th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. The firm had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.43 billion. Sysco Corporation had a net margin of 2.12% and a return on equity of 58.47%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 earnings per share. research analysts forecast that Sysco Corporation will post 2.77 EPS for the current fiscal year.
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In related news, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $54.71, for a total transaction of $1,641,300.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at $22,251,924.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Wayne Shurts sold 7,800 shares of Sysco Corporation stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $54.86, for a total transaction of $427,908.00. Following the sale, the executive vice president now owns 58,776 shares in the company, valued at $3,224,451.36. The disclosure for this sale can be found here. Insiders sold 2,125,781 shares of company stock worth $114,211,628 over the last quarter. 9.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kistler Tiffany Companies LLC raised its stake in shares of Sysco Corporation by 0.4% during the second quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after purchasing an additional 12 shares in the last quarter. Schnieders Capital Management LLC raised its stake in shares of Sysco Corporation by 0.4% during the second quarter. Schnieders Capital Management LLC now owns 4,070 shares of the company’s stock valued at $205,000 after purchasing an additional 18 shares in the last quarter. Blue Chip Partners Inc. raised its stake in shares of Sysco Corporation by 0.6% during the second quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock valued at $149,000 after purchasing an additional 18 shares in the last quarter. Northwest Quadrant Wealth Management LLC raised its stake in shares of Sysco Corporation by 0.6% during the second quarter. Northwest Quadrant Wealth Management LLC now owns 5,169 shares of the company’s stock valued at $269,000 after purchasing an additional 29 shares in the last quarter. Finally, Keel Point LLC raised its stake in shares of Sysco Corporation by 0.8% during the second quarter. Keel Point LLC now owns 5,782 shares of the company’s stock valued at $291,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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