Sysco (NYSE:SYY) Rating Lowered to Buy at StockNews.com

Sysco (NYSE:SYY) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday.

Several other research firms have also recently commented on SYY. Morgan Stanley cut their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Bank of America decreased their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial cut their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. JPMorgan Chase & Co. raised their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Barclays upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.08.

Sysco Price Performance

SYY stock opened at $74.80 on Monday. The firm has a market cap of $36.74 billion, a P/E ratio of 19.23, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco has a 1 year low of $64.28 and a 1 year high of $82.89. The stock has a 50-day simple moving average of $76.53 and a 200-day simple moving average of $74.82.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating 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 business had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that Sysco will post 4.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sysco

Hedge funds and other institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC grew its position in Sysco by 52.5% in the 4th quarter. Fisher Asset Management LLC now owns 8,084 shares of the company’s stock worth $591,000 after purchasing an additional 2,784 shares during the last quarter. Ballentine Partners LLC increased its position in Sysco by 2.9% in the 1st quarter. Ballentine Partners LLC now owns 10,055 shares of the company’s stock valued at $816,000 after acquiring an additional 281 shares during the period. Global Assets Advisory LLC bought a new stake in Sysco during the 1st quarter valued at $1,145,000. Riverview Trust Co acquired a new position in Sysco during the 1st quarter worth $77,000. Finally, First Financial Corp IN grew its stake in shares of Sysco by 2.2% in the first quarter. First Financial Corp IN now owns 7,417 shares of the company’s stock worth $602,000 after purchasing an additional 160 shares in the last quarter. Institutional investors and hedge funds 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.