SYSCO (NYSE:SYY) received a $67.00 price objective from equities researchers at Royal Bank of Canada in a report released on Friday. The brokerage presently has a “hold” rating on the stock. Royal Bank of Canada’s price target would indicate a potential downside of 6.02% from the company’s previous close.
Several other analysts have also commented on the stock. Buckingham Research began coverage on shares of SYSCO in a research report on Monday, October 22nd. They set a “buy” rating and a $82.00 price target on the stock. Pivotal Research lifted their price target on shares of SYSCO from $58.00 to $62.00 and gave the company a “sell” rating in a research report on Saturday, August 18th. Argus lifted their price target on shares of SYSCO from $67.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Loop Capital lifted their price target on shares of SYSCO to $80.00 and gave the company a “buy” rating in a research report on Tuesday, August 14th. Finally, BMO Capital Markets lifted their price target on shares of SYSCO from $74.00 to $81.00 and gave the company an “outperform” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $73.62.
Shares of SYY stock traded down $0.50 during trading on Friday, hitting $71.29. 3,201,142 shares of the stock traded hands, compared to its average volume of 2,341,641. The firm has a market cap of $37.12 billion, a PE ratio of 22.70, a PEG ratio of 1.93 and a beta of 0.56. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO has a 52-week low of $52.30 and a 52-week high of $75.98.
In related news, Director Joshua D. Frank sold 816,640 shares of SYSCO stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $75.00, for a total value of $61,248,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $68.62, for a total transaction of $343,100.00. Following the completion of the sale, the director now owns 56,393 shares of the company’s stock, valued at approximately $3,869,687.66. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock valued at $297,370,093 in the last quarter. 7.88% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of SYY. Bank of America Corp DE grew its stake in shares of SYSCO by 64.6% in the second quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock worth $1,206,188,000 after acquiring an additional 6,929,805 shares in the last quarter. Morgan Stanley grew its stake in shares of SYSCO by 83.0% in the second quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock worth $266,109,000 after acquiring an additional 1,767,298 shares in the last quarter. Unigestion Holding SA acquired a new position in shares of SYSCO in the second quarter worth $55,998,000. Bank of Montreal Can grew its stake in shares of SYSCO by 14.9% in the second quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock worth $310,878,000 after acquiring an additional 590,410 shares in the last quarter. Finally, Sabal Trust CO acquired a new position in shares of SYSCO in the second quarter worth $24,275,000. Institutional investors and hedge funds own 80.16% 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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