SYSCO Corporation (SYY) is Initiated by BofA/Merrill to Neutral, Price Target at $52

SYSCO Corporation (SYY) was Initiated by BofA/Merrill to “Neutral” and the brokerage firm has set the Price Target at $52. BofA/Merrill advised their investors in a research report released on Jun 20, 2016.

On the company’s financial health, SYSCO Corporation reported $0.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.42. The company had revenue of $12002.00 million for the quarter, compared to analysts expectations of $11866.48 million. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.

SYSCO Corporation opened for trading at $49.75 and hit $50.05 on the upside on Friday, eventually ending the session at $49.8, with a gain of 0.08% or 0.04 points. The heightened volatility saw the trading volume jump to 62,69,800 shares. Company has a market cap of $28,063 M.

Investors should note that on May 20, 2016, SYSCO Corporation announced a cash dividend of $0.3100. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 22, 2016.

In a different news, on Jun 17, 2016, William J Iii Delaney (Chief Executive Officer) sold 20,114 shares at $48.50 per share price. According to the SEC, on Jun 17, 2016, William B. Day (Executive Vice President) sold 114,750 shares at $48.59 per share price. On Jun 15, 2016, Joseph A Jr Hafner (director) sold 7,000 shares at $48.59 per share price, according to the Form-4 filing with the securities and exchange commission.

Sysco Corporation (Sysco) along with its subsidiaries and divisions is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425000 customers including restaurants healthcare and educational facilities lodging establishments and other foodservice customers. Sysco provides food and related products to the foodservice or food-away-from-home industry. The Company has aggregated its operating companies into a number of segments of which only Broadline and SYGMA are the main segments. Broadline operating companies distribute a line of food products and a variety of non-food products to their customers. SYGMA operating companies distribute a line of food products and a variety of non-food products to chain restaurant customer locations. The Company’s other segments include its specialty produce custom-cut meat and lodging industry products segments.

SYSCO Corporation

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