Truist Financial Issues Positive Forecast for Sysco (NYSE:SYY) Stock Price

Key Points

• Truist Financial has increased Sysco's price target from $81.00 to $90.00, maintaining a "buy" rating on the stock, which suggests a potential upside of 12.45% from its previous close.
• Other analyst ratings include Barclays reducing their price target to $77.00 while JPMorgan raised theirs to $85.00, indicating mixed outlooks among analysts.
• In the latest earnings report, Sysco reported a net margin of 2.36% and a revenue of $21.14 billion, beating analyst expectations for both earnings and revenue.

Sysco (NYSE:SYY - Free Report) had its price objective hoisted by Truist Financial from $81.00 to $90.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on SYY. Guggenheim reiterated a "buy" rating and set a $82.00 price target on shares of Sysco in a research report on Tuesday, July 8th. Morgan Stanley upped their price target on shares of Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Bank of America upped their price target on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Sanford C. Bernstein set a $87.00 target price on shares of Sysco and gave the company an "overweight" rating in a research report on Tuesday, April 22nd. Finally, Wall Street Zen downgraded shares of Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $85.54.

Sysco Price Performance

Shares of SYY traded down $0.29 during trading hours on Wednesday, hitting $79.31. The stock had a trading volume of 539,682 shares, compared to its average volume of 3,326,816. The company's fifty day moving average is $75.96 and its two-hundred day moving average is $73.63. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.76. Sysco has a 52 week low of $67.12 and a 52 week high of $82.23. The stock has a market capitalization of $38.44 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 2.46 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.09. The business had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The firm's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 EPS. On average, analysts anticipate that Sysco will post 4.58 EPS for the current year.

Insider Buying and Selling

In related news, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total value of $3,200,000.00. Following the sale, the executive vice president directly owned 56,304 shares in the company, valued at $4,504,320. This trade represents a 41.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

Institutional Trading of Sysco

A number of large investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in Sysco by 1.0% during the 1st quarter. Invesco Ltd. now owns 17,070,502 shares of the company's stock worth $1,280,970,000 after purchasing an additional 162,961 shares in the last quarter. Boston Partners increased its stake in Sysco by 24.8% during the 1st quarter. Boston Partners now owns 15,199,828 shares of the company's stock worth $1,139,798,000 after purchasing an additional 3,015,714 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Sysco by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company's stock worth $905,120,000 after acquiring an additional 233,885 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Sysco by 27.3% during the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock worth $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Sysco by 0.8% during the 4th quarter. FMR LLC now owns 7,590,141 shares of the company's stock worth $580,342,000 after acquiring an additional 60,059 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

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.