The stock of Sysco Corporation (NYSE:SYY) is now priced at $59.59 and the shares are -0.11 points down or -0.18% lower compared to its previous closing price of $59.7. The stock had 2.822 million contracts set over the past session. SYY shares’ daily volume is compared to its average trading volume at 3.899 million shares. However, it has a float of 507 million and although its performance was -2.05% over the week, it’s one to watch. Analysts have given the SYY stock a yearly average price target of $63.5 per share. It means the stock’s upside potential is 6.56% with the SYY share price recently placing at $59.07 to $60.6. However, some brokerage firms have priced the stock below the average, including one that has called $45.
The shorts are running away from the Sysco Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SYY shares have declined. Short interest in the stock represents just 3.24% of its float, but the volume has dropped by 0.
In the last trading session, Sysco Corporation (NYSE:SYY) dropped by -$1.25 over the week and gained $4.87 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $85.98. The stock recorded its established 52-week high on 12/30/19.
Since 03/18/20, the stock has traded to a low of $26 at 129.19%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.19. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Sysco Corporation’s two-week RSI is 62.26. This suggests that the stock is neutral at the moment and that SYY shares’ price movement remains stable. The stochastic readings are equally revealing at 74.97% meaning the SYY share price is currently in oversold territory.
The technical chart shows that the SYY stock will likely settle at between $60.44 and $61.28 per share. However, if the stock dips below $58.91, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $58.22.
Currently, the stock is trading in the green of MACD, with a reading of 0.47. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned SYY a rating of Outperform in their resuming review released on August 06. Wells Fargo analysts upgraded their recommendation of the stock from Equal Weight to Overweight while keeping its target price at $50 to $70 in a flash note released to investors on June 05. Piper Sandler seeing the improvements upgraded the stock from Neutral to Overweight on June 01, placing it at $58 to $64.
The average rating for the SYY equity is 2.55 and is currently gathering a bullish momentum. Of 11 analysts tracking Sysco Corporation polled by Reuters, 5 rated SYY as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SYY stock price is 19.84X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 141.9 above the group’s average of 50.9. Sysco Corporation has its P/E ratio at 26.1, which means that the stock is currently trading at a premium relative to the 3.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sysco Corporation (NYSE:SYY) will increase by about 34.77%, which will see them reach $12000 million. The company’s full-year revenues are, however, expected to diminish by about -0.81%, down from $52900 million to $52500 million. SYY’s expected adjusted earnings should drop almost -69.39% to end up at $0.3 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -0.5% to record $2/share.