Morgan Stanley upgraded shares of SYSCO (NYSE:SYY) from an underweight rating to an equal weight rating in a report issued on Tuesday morning, Marketbeat.com reports. Morgan Stanley currently has $64.00 price target on the stock.
A number of other research analysts have also recently weighed in on SYY. Zacks Investment Research raised shares of SYSCO from a hold rating to a strong-buy rating and set a $71.00 price objective for the company in a research note on Wednesday, January 10th. BMO Capital Markets set a $66.00 price objective on shares of SYSCO and gave the stock a buy rating in a research note on Friday, December 8th. Pivotal Research raised their price objective on shares of SYSCO from $53.00 to $60.00 and gave the stock a buy rating in a research note on Tuesday, December 12th. Finally, Loop Capital raised their price objective on shares of SYSCO to $68.00 and gave the stock a buy rating in a research note on Monday, December 11th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $59.92.
Shares of SYSCO (NYSE:SYY) traded up $0.99 on Tuesday, hitting $63.21. 2,300,000 shares of the stock were exchanged, compared to its average volume of 2,540,000. The company has a debt-to-equity ratio of 3.77, a quick ratio of 0.88 and a current ratio of 1.40. SYSCO has a fifty-two week low of $48.85 and a fifty-two week high of $63.30. The stock has a market cap of $32,940.00, a PE ratio of 28.86, a price-to-earnings-growth ratio of 2.43 and a beta of 0.53.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be paid a $0.36 dividend. This is a boost from SYSCO’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Thursday, January 4th. SYSCO’s payout ratio is presently 65.75%.
In other SYSCO news, CEO William J. Delaney III sold 150,000 shares of SYSCO stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $54.05, for a total value of $8,107,500.00. Following the completion of the sale, the chief executive officer now directly owns 526,725 shares of the company’s stock, valued at approximately $28,469,486.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William W. Goetz sold 11,323 shares of SYSCO stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $62.00, for a total transaction of $702,026.00. Following the completion of the sale, the senior vice president now directly owns 35,825 shares of the company’s stock, valued at $2,221,150. The disclosure for this sale can be found here. Insiders sold a total of 302,495 shares of company stock valued at $17,294,631 over the last ninety days. 9.60% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. First Personal Financial Services grew its stake in shares of SYSCO by 293.2% during the 3rd quarter. First Personal Financial Services now owns 1,962 shares of the company’s stock valued at $106,000 after buying an additional 1,463 shares during the period. Acrospire Investment Management LLC increased its position in shares of SYSCO by 84.6% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock worth $121,000 after purchasing an additional 1,100 shares during the last quarter. Manchester Capital Management LLC increased its position in shares of SYSCO by 13.4% in the 2nd quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock worth $128,000 after purchasing an additional 300 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of SYSCO by 465.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,783 shares of the company’s stock worth $150,000 after purchasing an additional 2,291 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its position in shares of SYSCO by 51.9% in the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 2,926 shares of the company’s stock worth $158,000 after purchasing an additional 1,000 shares during the last quarter. 80.08% of the stock is owned by hedge funds and other institutional investors.
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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