SYSCO (SYY) PT Lowered to $74.00 at Citigroup

SYSCO (NYSE:SYY) had its price objective cut by Citigroup from $78.00 to $74.00 in a report issued on Tuesday. They currently have a neutral rating on the stock.

Several other equities analysts also recently commented on the stock. ValuEngine raised shares of SYSCO from a hold rating to a buy rating in a research note on Monday. Royal Bank of Canada lowered their price objective on shares of SYSCO from $67.00 to $65.00 and set a sector perform rating for the company in a research note on Tuesday, November 6th. Morgan Stanley lowered their price objective on shares of SYSCO from $71.00 to $69.00 and set a hold rating for the company in a research note on Tuesday, November 6th. Credit Suisse Group lowered their price objective on shares of SYSCO from $80.00 to $75.00 and set a buy rating for the company in a research note on Tuesday, November 6th. Finally, BMO Capital Markets lowered their price objective on shares of SYSCO from $81.00 to $79.00 and set a buy rating for the company in a research note on Tuesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $73.54.

Shares of NYSE:SYY opened at $66.22 on Tuesday. The stock has a market cap of $34.75 billion, a PE ratio of 21.09, a PEG ratio of 1.89 and a beta of 0.56. The company has a quick ratio of 0.80, a current ratio of 1.30 and a debt-to-equity ratio of 3.00. SYSCO has a 12 month low of $54.25 and a 12 month high of $75.98.

SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.01). The firm had revenue of $15.22 billion for the quarter, compared to the consensus estimate of $15.39 billion. SYSCO had a net margin of 2.52% and a return on equity of 68.81%. The business’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the company posted $0.74 earnings per share. On average, equities analysts anticipate that SYSCO will post 3.4 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Friday, January 4th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.36%. This is a boost from SYSCO’s previous quarterly dividend of $0.36. SYSCO’s payout ratio is currently 45.86%.

In related news, Director Joshua D. Frank sold 1,013,666 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $75.09, for a total transaction of $76,116,179.94. Following the transaction, the director now owns 4,005 shares in the company, valued at $300,735.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joshua D. Frank sold 816,640 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $75.00, for a total transaction of $61,248,000.00. The disclosure for this sale can be found here. Insiders have sold 3,955,664 shares of company stock worth $296,325,762 in the last quarter. 7.88% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FormulaFolio Investments LLC bought a new stake in shares of SYSCO in the 2nd quarter worth approximately $221,000. Atria Investments LLC lifted its position in shares of SYSCO by 4.6% in the 2nd quarter. Atria Investments LLC now owns 19,453 shares of the company’s stock worth $1,328,000 after acquiring an additional 861 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in shares of SYSCO in the 2nd quarter worth approximately $3,407,000. Central Bank & Trust Co. lifted its position in shares of SYSCO by 10,182.1% in the 2nd quarter. Central Bank & Trust Co. now owns 6,889 shares of the company’s stock worth $470,000 after acquiring an additional 6,822 shares during the period. Finally, Westpac Banking Corp lifted its position in shares of SYSCO by 17.0% in the 2nd quarter. Westpac Banking Corp now owns 194,058 shares of the company’s stock worth $13,252,000 after acquiring an additional 28,264 shares during the period. Institutional investors own 79.76% of the company’s stock.

SYSCO Company Profile

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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