Sysco Corp. (NYSE:SYY) was upgraded by equities researchers at Bank of America Corp. from a “neutral” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $60.00 target price on the stock. Bank of America Corp.’s price target would indicate a potential upside of 11.26% from the company’s previous close.
A number of other equities analysts also recently issued reports on the stock. Pivotal Research increased their price target on shares of Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a report on Tuesday, November 8th. Jefferies Group reiterated a “hold” rating and issued a $50.00 price target on shares of Sysco Corp. in a report on Friday, September 30th. Barclays PLC began coverage on shares of Sysco Corp. in a research note on Friday, September 23rd. They issued an “underweight” rating and a $48.00 price objective on the stock. Vetr raised shares of Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price objective on the stock in a research note on Monday, September 12th. Finally, Argus increased their price objective on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Sysco Corp. presently has an average rating of “Hold” and a consensus price target of $52.63.
Sysco Corp. (NYSE:SYY) traded up 0.69% during midday trading on Tuesday, hitting $53.93. 1,262,884 shares of the stock were exchanged. The firm has a 50 day moving average of $50.19 and a 200-day moving average of $50.43. The stock has a market cap of $29.50 billion, a price-to-earnings ratio of 29.83 and a beta of 0.49. Sysco Corp. has a 12-month low of $38.84 and a 12-month high of $54.66.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.09. The business earned $14 billion during the quarter, compared to the consensus estimate of $13.88 billion. Sysco Corp. had a net margin of 1.99% and a return on equity of 35.49%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 EPS. On average, equities analysts expect that Sysco Corp. will post $2.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be given a $0.33 dividend. The ex-dividend date is Wednesday, January 4th. This is a boost from Sysco Corp.’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a dividend yield of 2.45%. Sysco Corp.’s dividend payout ratio (DPR) is currently 68.13%.
In related news, insider William B. Day sold 72,134 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $53.01, for a total value of $3,823,823.34. Following the sale, the insider now directly owns 108,293 shares of the company’s stock, valued at $5,740,611.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Greg D. Bertrand sold 16,500 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $50.79, for a total transaction of $838,035.00. Following the completion of the sale, the senior vice president now directly owns 57,491 shares in the company, valued at $2,919,967.89. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Cribstone Capital Management LLC bought a new stake in Sysco Corp. during the second quarter valued at about $102,000. Jolley Asset Management LLC raised its position in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock valued at $109,000 after buying an additional 435 shares during the last quarter. Parkside Financial Bank & Trust raised its position in Sysco Corp. by 0.6% in the third quarter. Parkside Financial Bank & Trust now owns 2,324 shares of the company’s stock valued at $114,000 after buying an additional 13 shares during the last quarter. Tuttle Tactical Management LLC acquired a new position in Sysco Corp. during the second quarter valued at approximately $126,000. Finally, Global X Management Co. LLC raised its position in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock valued at $129,000 after buying an additional 1,619 shares during the last quarter. 76.18% of the stock is currently owned by institutional investors and hedge funds.
Sysco Corp. Company Profile