Sysco (NYSE:SYY) Price Target Increased to $88.00 by Analysts at JPMorgan Chase & Co.

Sysco (NYSE:SYY) had its target price hoisted by JPMorgan Chase & Co. from $85.00 to $88.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the company. Truist Financial dropped their target price on Sysco from $87.00 to $85.00 and set a buy rating on the stock in a report on Monday, June 24th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Sysco from $90.00 to $86.00 and set a buy rating on the stock in a report on Thursday, May 23rd. Barclays increased 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. Bank of America cut their price target 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. Finally, Morgan Stanley reduced their price objective on shares of Sysco from $82.00 to $81.00 and set an equal weight rating for the company in a research report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $85.55.

Sysco Price Performance

Shares of SYY opened at $77.18 on Monday. The stock has a market cap of $38.43 billion, a P/E ratio of 18.82, a P/E/G ratio of 2.01 and a beta of 1.20. The business’s fifty day moving average is $75.49 and its 200 day moving average is $75.64. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. Sysco has a 12-month low of $62.24 and a 12-month high of $82.89.

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

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

Institutional Investors Weigh In On Sysco

Hedge funds have recently modified their holdings of the stock. Capital World Investors increased its position in Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after buying an additional 1,637,232 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Sysco by 26.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after buying an additional 1,782,180 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares during the period. Norges Bank purchased a new stake in Sysco in the 4th quarter worth about $450,794,000. Finally, Diamond Hill Capital Management Inc. raised its stake in Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after acquiring an additional 1,997,895 shares during the period. Institutional investors own 83.41% of the company’s stock.

Sysco Company Profile

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.