SYSCO (NYSE:SYY) had its price target hoisted by Morgan Stanley from $69.00 to $72.00 in a research report released on Tuesday, May 7th, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the stock.
SYY has been the topic of several other reports. Pivotal Research restated a sell rating and set a $54.00 price objective on shares of SYSCO in a report on Friday, February 1st. Zacks Investment Research downgraded SYSCO from a hold rating to a sell rating in a report on Monday, January 21st. Loop Capital set a $75.00 price target on SYSCO and gave the company a buy rating in a report on Tuesday, February 5th. Finally, Bank of America downgraded SYSCO from a buy rating to a neutral rating and set a $68.00 price target on the stock. in a report on Wednesday, January 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. SYSCO presently has a consensus rating of Hold and an average target price of $74.46.
SYY traded down $5.70 during trading on Tuesday, hitting $68.82. 7,564,486 shares of the stock were exchanged, compared to its average volume of 2,875,039. The company has a market capitalization of $38.23 billion, a P/E ratio of 21.92, a PEG ratio of 2.14 and a beta of 0.55. SYSCO has a 1 year low of $59.44 and a 1 year high of $75.98. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 3.44.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.27%. SYSCO’s dividend payout ratio is presently 49.68%.
In other news, Director Trian Fund Management, L.P. sold 707,000 shares of SYSCO stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total value of $46,874,100.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 7.88% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Standard Life Aberdeen plc boosted its position in shares of SYSCO by 99.0% in the third quarter. Standard Life Aberdeen plc now owns 549,776 shares of the company’s stock valued at $40,272,000 after acquiring an additional 273,444 shares during the period. Legal & General Group Plc boosted its position in shares of SYSCO by 4.3% in the third quarter. Legal & General Group Plc now owns 2,511,027 shares of the company’s stock valued at $183,937,000 after acquiring an additional 102,970 shares during the period. Morgan Stanley boosted its position in shares of SYSCO by 26.0% in the third quarter. Morgan Stanley now owns 4,910,163 shares of the company’s stock valued at $359,669,000 after acquiring an additional 1,013,430 shares during the period. Federated Investors Inc. PA boosted its position in shares of SYSCO by 3,924.0% in the third quarter. Federated Investors Inc. PA now owns 721,254 shares of the company’s stock valued at $52,831,000 after acquiring an additional 703,330 shares during the period. Finally, Vanguard Group Inc boosted its position in shares of SYSCO by 3.9% in the third quarter. Vanguard Group Inc now owns 41,599,601 shares of the company’s stock valued at $3,047,170,000 after acquiring an additional 1,549,255 shares during the period. Hedge funds and other institutional investors own 77.70% of the company’s stock.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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