Sysco (NYSE:SYY) Price Target Raised to $93.00

Sysco (NYSE:SYY) had its target price hoisted by Bank of America from $81.00 to $93.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

SYY has been the subject of a number of other research reports. BMO Capital Markets reduced their target price on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Guggenheim reissued a “buy” rating and issued a $82.00 target price on shares of Sysco in a research report on Tuesday, July 8th. Wells Fargo & Company reduced their target price on shares of Sysco from $87.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Barclays reduced their target price on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Finally, Morgan Stanley boosted their target price on shares of Sysco from $72.00 to $77.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.23.

Sysco Price Performance

NYSE:SYY opened at $78.38 on Friday. Sysco has a one year low of $67.12 and a one year high of $82.23. The company has a market cap of $37.99 billion, a P/E ratio of 20.31, a P/E/G ratio of 2.36 and a beta of 0.81. The firm’s fifty day moving average price is $74.58 and its two-hundred day moving average price is $73.28. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a net margin of 2.36% and a return on equity of 107.96%. The company had revenue of $19.60 billion during the quarter, compared to analyst estimates of $20.11 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Sysco’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts expect that Sysco will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.54 per share. This is a boost from Sysco’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.16 annualized dividend and a yield of 2.76%. Sysco’s dividend payout ratio is currently 55.96%.

Insiders Place Their Bets

In related news, Director Sheila Talton sold 356 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the sale, the director owned 12,738 shares of the company’s stock, valued at $902,359.92. This represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Parsons Capital Management Inc. RI raised its stake in Sysco by 186.2% during the second quarter. Parsons Capital Management Inc. RI now owns 67,127 shares of the company’s stock worth $5,084,000 after acquiring an additional 43,672 shares in the last quarter. Pure Financial Advisors LLC acquired a new position in Sysco during the second quarter worth about $257,000. Cantor Fitzgerald Investment Advisors L.P. acquired a new position in Sysco during the second quarter worth about $6,306,000. BSW Wealth Partners raised its stake in Sysco by 2.3% during the second quarter. BSW Wealth Partners now owns 6,449 shares of the company’s stock worth $488,000 after acquiring an additional 146 shares in the last quarter. Finally, Childress Capital Advisors LLC raised its stake in Sysco by 9.3% during the second quarter. Childress Capital Advisors LLC now owns 3,584 shares of the company’s stock worth $271,000 after acquiring an additional 306 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

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.