SYSCO (SYY) Upgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley upgraded shares of SYSCO (NYSE:SYY) from an underweight rating to an equal weight rating in a research note released on Tuesday morning. The brokerage currently has $64.00 target price on the stock.

A number of other research analysts also recently issued reports on SYY. Zacks Investment Research upgraded SYSCO from a hold rating to a buy rating and set a $60.00 price objective for the company in a research note on Tuesday, October 10th. Pivotal Research reiterated a hold rating and set a $53.00 price objective on shares of SYSCO in a research note on Sunday, November 5th. BMO Capital Markets set a $66.00 price objective on SYSCO and gave the company a buy rating in a research note on Friday, December 8th. Finally, Loop Capital boosted their price objective on SYSCO to $68.00 and gave the company a buy rating in a research note on Monday, December 11th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. SYSCO presently has a consensus rating of Buy and an average target price of $59.92.

Shares of SYSCO (NYSE SYY) traded up $0.48 during trading hours on Tuesday, hitting $62.20. The company had a trading volume of 1,900,831 shares, compared to its average volume of 2,653,770. The company has a market cap of $32,410.00, a P/E ratio of 28.40, a PEG ratio of 2.42 and a beta of 0.53. The company has a current ratio of 1.40, a quick ratio of 0.88 and a debt-to-equity ratio of 3.77. SYSCO has a 52 week low of $48.85 and a 52 week high of $62.79.

SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.02. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.43 billion. SYSCO had a return on equity of 58.47% and a net margin of 2.12%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 EPS. research analysts predict that SYSCO will post 2.81 EPS for the current year.

The firm also recently declared 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 represents a $1.44 annualized dividend and a yield of 2.32%. This is an increase from SYSCO’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, January 4th. SYSCO’s dividend payout ratio is presently 65.75%.

In other SYSCO news, SVP Greg D. Bertrand sold 81,038 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $60.76, for a total value of $4,923,868.88. Following the completion of the transaction, the senior vice president now directly owns 69,721 shares in the company, valued at approximately $4,236,247.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $54.05, for a total value of $8,107,500.00. Following the completion of the transaction, the chief executive officer now owns 526,725 shares of the company’s stock, valued at $28,469,486.25. The disclosure for this sale can be found here. Insiders sold a total of 291,172 shares of company stock valued at $16,592,605 over the last 90 days. 9.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Northwest Quadrant Wealth Management LLC raised its holdings in shares of SYSCO by 0.6% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 5,169 shares of the company’s stock worth $269,000 after acquiring an additional 29 shares in the last quarter. Keel Point LLC raised its holdings in shares of SYSCO by 0.8% during the 2nd quarter. Keel Point LLC now owns 5,782 shares of the company’s stock worth $291,000 after acquiring an additional 47 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its holdings in shares of SYSCO by 0.6% during the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 17,800 shares of the company’s stock worth $896,000 after acquiring an additional 100 shares in the last quarter. Laurel Wealth Advisors Inc. raised its holdings in shares of SYSCO by 1.1% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 10,334 shares of the company’s stock worth $520,000 after acquiring an additional 116 shares in the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of SYSCO by 0.9% during the 2nd quarter. MML Investors Services LLC now owns 13,403 shares of the company’s stock worth $675,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 80.08% of the company’s stock.

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SYSCO Company Profile

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.

Analyst Recommendations for SYSCO (NYSE:SYY)

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