Loop Capital Trims SYSCO (SYY) Target Price to $75.00

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SYSCO (NYSE:SYY) had its price objective cut by Loop Capital to $75.00 in a research note issued to investors on Tuesday, The Fly reports. They currently have a buy rating on the stock. The analysts noted that the move was a valuation call.

SYY has been the subject of a number of other reports. ValuEngine upgraded shares of SYSCO from a hold rating to a buy rating in a report on Monday, August 13th. BMO Capital Markets boosted their price target on SYSCO from $74.00 to $81.00 and gave the stock an outperform rating in a research note on Tuesday, August 14th. Morgan Stanley boosted their price target on SYSCO from $61.00 to $67.00 and gave the stock an equal weight rating in a research note on Tuesday, July 17th. Pivotal Research boosted their price target on SYSCO from $58.00 to $62.00 and gave the stock a sell rating in a research note on Saturday, August 18th. Finally, Buckingham Research began coverage on SYSCO in a research note on Monday, October 22nd. They set a buy rating and a $82.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $73.15.

Shares of SYSCO stock opened at $66.56 on Tuesday. The stock has a market capitalization of $33.56 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 1.77 and a beta of 0.56. The company has a quick ratio of 0.74, a current ratio of 1.30 and a debt-to-equity ratio of 3.00. SYSCO has a one year low of $53.49 and a one year high of $75.98.

SYSCO (NYSE:SYY) last announced its earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.01). The firm had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $15.39 billion. SYSCO had a return on equity of 68.81% and a net margin of 2.52%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 earnings per share. On average, sell-side analysts anticipate that SYSCO will post 3.42 EPS for the current year.

In related news, SVP Brian R. Todd sold 9,147 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total value of $675,231.54. Following the sale, the senior vice president now owns 11,747 shares in the company, valued at $867,163.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total value of $158,249,931.98. Following the completion of the sale, the director now owns 4,005 shares in the company, valued at approximately $299,614.05. The disclosure for this sale can be found here. Insiders have sold 3,969,811 shares of company stock worth $297,370,093 in the last 90 days. Insiders own 7.88% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in SYSCO by 64.6% in the second quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock valued at $1,206,188,000 after buying an additional 6,929,805 shares during the last quarter. Janus Henderson Group PLC boosted its position in SYSCO by 1.2% in the second quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock valued at $403,131,000 after buying an additional 68,148 shares during the last quarter. Bank of Montreal Can boosted its position in SYSCO by 14.9% in the second quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock valued at $310,878,000 after buying an additional 590,410 shares during the last quarter. Victory Capital Management Inc. boosted its position in SYSCO by 2.1% in the second quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock valued at $282,126,000 after buying an additional 86,450 shares during the last quarter. Finally, Morgan Stanley boosted its position in SYSCO by 83.0% in the second quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock valued at $266,109,000 after buying an additional 1,767,298 shares during the last quarter. Hedge funds and other institutional investors own 80.11% of the company’s stock.

About SYSCO

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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