Sysco Corporation (NYSE:SYY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $57.00 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 12.16% from the stock’s current price.
According to Zacks, “Despite declining shares over the past one year due to macroeconomic headwinds, the drop is narrower than the industry owing to its strong fundamentals. The company’s growth is supported by a wide portfolio of brands across a wide array of business segments. Solid growth in key categories such as beef, pork and poultry alongside of cost reduction initiatives have benefitted the company as evident from its positive gross margins in the last eight consecutive quarters. Sysco’s strategic acquisitions, especially London-based Brakes acquisition have aided the growth of its distribution network and customer base and drove long-term growth. However, the company remains concerned about the deflationary trend that is likely to continue in fiscal 2017, along with stiff competition and promotional environment. Nevertheless, estimates have remained stable since the past thirty days, ahead of its fourth quarter results.”
Other analysts have also recently issued research reports about the stock. Wells Fargo & Company reiterated a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. BidaskClub cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Loop Capital began coverage on shares of Sysco Corporation in a research note on Monday, May 15th. They issued a “buy” rating and a $61.00 price target on the stock. Royal Bank Of Canada boosted their price target on shares of Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 9th. Finally, Guggenheim reiterated a “neutral” rating on shares of Sysco Corporation in a research note on Tuesday, April 11th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.02.
Sysco Corporation (NYSE SYY) traded up 0.35% during midday trading on Friday, reaching $51.00. The company’s stock had a trading volume of 436,848 shares. The firm has a market cap of $27.30 billion, a P/E ratio of 26.88 and a beta of 0.52. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The firm has a 50 day moving average price of $52.22 and a 200 day moving average price of $52.90.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.14 billion. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. Sysco Corporation’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. Equities research analysts forecast that Sysco Corporation will post $2.47 EPS for the current fiscal year.
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In related news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.22, for a total value of $1,626,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $22,052,629.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $55.32, for a total transaction of $862,992.00. Following the completion of the transaction, the insider now owns 58,776 shares in the company, valued at $3,251,488.32. The disclosure for this sale can be found here. Insiders sold a total of 129,000 shares of company stock worth $6,931,332 over the last three months. 8.81% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of SYY. Quadrature Capital Ltd increased its position in shares of Sysco Corporation by 167.4% in the fourth quarter. Quadrature Capital Ltd now owns 316,373 shares of the company’s stock worth $17,521,000 after buying an additional 198,042 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Sysco Corporation by 27.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,866 shares of the company’s stock worth $1,914,000 after buying an additional 8,021 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of Sysco Corporation by 402.9% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 103,770 shares of the company’s stock worth $5,388,000 after buying an additional 83,136 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Sysco Corporation by 2.6% in the first quarter. Suntrust Banks Inc. now owns 242,423 shares of the company’s stock worth $12,585,000 after buying an additional 6,218 shares in the last quarter. Finally, Northern Capital Management LLC bought a new position in shares of Sysco Corporation during the first quarter worth approximately $728,000. Institutional investors and hedge funds own 78.62% of the company’s stock.
About Sysco Corporation
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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