Bank of America Initiates Coverage on SYSCO Corporation to Neutral

Bank of America Initiates Coverage on SYSCO Corporation(NYSE:SYY). The shares have been rated Neutral. The rating by Bank of America was issued on Jun 20, 2016.

In a different note, On May 5, 2016, Credit Suisse said it Maintains its rating on SYSCO Corporation. In the research note, the firm Raises the price-target to $52.00 per share. The shares have been rated ‘Outperform’ by the firm. On May 5, 2016, Argus Research said it Maintains its rating on SYSCO Corporation. In the research note, the firm Raises the price-target to $50.00 per share. The shares have been rated ‘Buy’ by the firm. On May 3, 2016, Goldman Sachs said it Maintains its rating on SYSCO Corporation. In the research note, the firm Raises the price-target to $39.00 per share. The shares have been rated ‘Sell’ by the firm. On May 3, 2016, Macquarie said it Maintains its rating on SYSCO Corporation. In the research note, the firm Raises the price-target to $52.00 per share. The shares have been rated ‘Outperform’ by the firm. On May 3, 2016, Pivotal Research said it Upgrades its rating on SYSCO Corporation. The shares have been rated ‘Hold’ by the firm.

SYSCO Corporation (SYY) shares turned negative on Fridays trading session with the shares closing down -0.37 points or -0.74% at a volume of 1,56,32,295. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $50.165. The peak price level was also seen at $50.165 while the days lowest was $49.01. Finally the shares closed at $49.92. The 52-week high of the shares is $50.68 while the 52-week low is $35.45. According to the latest information available, the market cap of the company is $28,131 M.

SYSCO Corporation has also declared a cash dividend of $0.3100 on May 20, 2016. The shares will quote ex-dividend on Jun 29, 2016 and the record date has been fixed on Jul 1, 2016. The dividend payable date has been fixed on Jul 22, 2016.

SYSCO Corporation(SYY) last announced its earnings results on May 2, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $12.00B. Analysts had an estimated revenue of $11.86B. Earnings per share were $0.46. Analysts had estimated an EPS of $0.41.

Several Insider Transactions has been reported to the SEC. On Jun 17, 2016, William J Iii Delaney (Chief Executive Officer) sold 20,114 shares at $48.50 per share price.Also, 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.

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