Guggenheim Reaffirms “Buy” Rating for Sysco (NYSE:SYY)

Sysco (NYSE:SYY)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a note issued to investors on Wednesday,Benzinga reports. They currently have a $85.00 price objective on the stock. Guggenheim’s target price suggests a potential upside of 15.91% from the company’s current price.

Several other analysts have also recently weighed in on the stock. Truist Financial dropped their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday. Melius began coverage on shares of Sysco in a research note on Wednesday, December 18th. They issued a “hold” rating and a $85.00 price target for the company. Wells Fargo & Company decreased their price objective on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Sysco currently has an average rating of “Moderate Buy” and a consensus price target of $85.21.

Sysco Stock Up 2.0 %

Shares of NYSE SYY opened at $73.33 on Wednesday. Sysco has a 12-month low of $69.03 and a 12-month high of $82.89. The stock has a market cap of $36.02 billion, a PE ratio of 18.85, a P/E/G ratio of 2.04 and a beta of 1.18. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. The company has a 50-day moving average of $76.40 and a 200 day moving average of $76.00.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Sysco had a net margin of 2.44% and a return on equity of 101.04%. During the same period in the previous year, the business posted $0.89 earnings per share. As a group, sell-side analysts predict that Sysco will post 4.57 EPS for the current fiscal year.

Insider Activity

In other news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total value of $3,698,079.00. Following the sale, the executive vice president now directly owns 56,304 shares in the company, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sheila Talton sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total transaction of $216,427.00. Following the completion of the sale, the director now owns 12,955 shares in the company, valued at $966,831.65. The trade was a 18.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,270 shares of company stock worth $6,181,946. 0.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SYY. State Street Corp grew its position in shares of Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after buying an additional 2,721,449 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Sysco in the 3rd quarter valued at $137,900,000. Nordea Investment Management AB grew its position in shares of Sysco by 52.3% in the 4th quarter. Nordea Investment Management AB now owns 2,719,478 shares of the company’s stock valued at $208,666,000 after buying an additional 933,327 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Sysco by 11.2% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock valued at $521,874,000 after buying an additional 672,940 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC purchased a new position in shares of Sysco in the 3rd quarter valued at $44,722,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

About Sysco

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.