Truist Financial Cuts Sysco (NYSE:SYY) Price Target to $87.00

Sysco (NYSE:SYY - Get Free Report) had its price target cut by investment analysts at Truist Financial from $91.00 to $87.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 17.17% from the company's previous close.

Several other equities analysts have also recently weighed in on the company. Piper Sandler cut their price target on Sysco from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Wednesday. UBS Group decreased their price target on shares of Sysco from $92.00 to $87.00 and set a "buy" rating on the stock in a research note on Wednesday. Barclays boosted their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, January 31st. Stephens increased their price target on shares of Sysco from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets boosted their price objective on Sysco from $85.00 to $90.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $84.90.

Sysco Stock Performance

Shares of NYSE:SYY traded up $1.20 during midday trading on Thursday, reaching $74.25. 3,087,927 shares of the company's stock traded hands, compared to its average volume of 2,974,018. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.80 and a current ratio of 1.34. The company has a market cap of $36.96 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 1.50 and a beta of 1.16. The stock has a 50 day moving average of $78.76 and a 200 day moving average of $75.09. Sysco has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion for the quarter, compared to analysts' expectations of $19.74 billion. During the same quarter last year, the business earned $0.90 EPS. The firm's revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Sysco will post 4.33 EPS for the current fiscal year.

Insider Activity

In related news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the sale, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.58% of the company's stock.

Hedge Funds Weigh In On Sysco

A number of hedge funds and other institutional investors have recently made changes to their positions in SYY. First United Bank & Trust purchased a new position in shares of Sysco in the 4th quarter valued at $26,000. Verity & Verity LLC purchased a new stake in shares of Sysco during the first quarter valued at about $26,000. AdvisorNet Financial Inc boosted its holdings in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company's stock valued at $27,000 after buying an additional 159 shares in the last quarter. Burkett Financial Services LLC purchased a new position in shares of Sysco in the 4th quarter worth approximately $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Sysco during the 1st quarter worth approximately $31,000. 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.