Sysco (NYSE:SYY) Stock Price Down 4%

Sysco Co. (NYSE:SYY)’s stock price dropped 4% on Wednesday . The company traded as low as $74.33 and last traded at $74.66. Approximately 2,467,311 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 3,066,875 shares. The stock had previously closed at $77.78.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barclays upped their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Monday. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, May 28th. BMO Capital Markets decreased their price objective on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Finally, Bank of America dropped their target price on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.55.

Sysco Stock Down 0.5 %

The business has a fifty day moving average of $75.81 and a 200 day moving average of $75.60. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The firm has a market cap of $36.44 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.01 and a beta of 1.20.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The company had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. Sysco’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 EPS. On average, equities research analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

Institutional Investors Weigh In On Sysco

Large investors have recently made changes to their positions in the stock. TruNorth Capital Management LLC bought a new stake in Sysco in the 2nd quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Sysco in the first quarter worth $31,000. Burkett Financial Services LLC acquired a new position in Sysco during the fourth quarter worth $30,000. Fairscale Capital LLC bought a new position in Sysco in the second quarter valued at $38,000. Finally, Fairman Group LLC acquired a new stake in Sysco in the 4th quarter valued at $39,000. Institutional investors 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.