How about both? Almost every S&P 500 stock was too expensive a decade ago. Most are priced about right now. In some cases a they are a tad cheap now. At any rate, I think SYY is cheaper than 90 to 95% of the US publicly traded stocks.
Could it get cheaper? Sure, especially with this economy. Most likely the economy will be sluggish for awhile.
If you buy stocks it should be with the notion that you can hold for at least 5 years.
But how bad would it be to hold SYY for 5 years and collect a gradually increasing dividend that will average more than 4% during that time. Even if the stock goes nowhere during that time, you could do worse in this environment.
Better places for your money. Out today after 6 years. Good company, lousy investment. No real sales growth, all cost cutting. How many insiders have stepped up to the plate? None, their all corporate pigs that wait for their option handouts. Sysco's days were long ago.