Sysco (NYSE:SYY) Downgraded by StockNews.com

StockNews.com cut shares of Sysco (NYSE:SYY) from a strong-buy rating to a buy rating in a report released on Tuesday.

Several other equities analysts have also weighed in on SYY. Barclays boosted their target price on shares of Sysco from $85.00 to $88.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Morgan Stanley lowered their price objective on Sysco from $82.00 to $81.00 and set an equal weight rating for the company in a research report on Tuesday, July 16th. Guggenheim raised Sysco from a neutral rating to a buy rating and set a $85.00 target price for the company in a research note on Tuesday, May 28th. JPMorgan Chase & Co. upped their price target on Sysco from $85.00 to $88.00 and gave the company an overweight rating in a research note on Monday, September 16th. Finally, Bank of America reduced their price objective on shares of Sysco from $91.00 to $87.00 and set a buy rating on the stock in a report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $86.08.

Sysco Price Performance

SYY stock opened at $77.65 on Tuesday. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The firm has a market capitalization of $38.17 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 1.99 and a beta of 1.20. The business has a 50 day simple moving average of $76.13 and a 200-day simple moving average of $75.49.

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

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is currently 49.76%.

Institutional Investors Weigh In On Sysco

Several large investors have recently added to or reduced their stakes in the business. ORG Partners LLC increased its position in shares of Sysco by 3,159.0% during the second quarter. ORG Partners LLC now owns 7,072 shares of the company’s stock worth $495,000 after acquiring an additional 6,855 shares during the period. Bridgefront Capital LLC purchased a new stake in Sysco during the 4th quarter worth about $841,000. Nebula Research & Development LLC acquired a new stake in Sysco in the 4th quarter valued at about $916,000. Artisan Partners Limited Partnership boosted its stake in shares of Sysco by 11.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 597,216 shares of the company’s stock valued at $43,674,000 after buying an additional 62,556 shares during the period. Finally, Mizuho Markets Americas LLC grew its position in shares of Sysco by 102.1% during the first quarter. Mizuho Markets Americas LLC now owns 139,875 shares of the company’s stock worth $11,355,000 after buying an additional 70,660 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

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.