Sysco (NYSE:SYY) Posts Earnings Results, Beats Expectations By $0.01 EPS

Sysco (NYSE:SYY) announced its quarterly earnings data on Tuesday. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01, Briefing.com reports. The business had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. Sysco updated its FY24 guidance to $4.20-4.40 EPS and its FY 2024 guidance to 4.200-4.400 EPS.

Sysco Price Performance

NYSE:SYY traded down $1.11 during trading hours on Wednesday, reaching $73.21. 704,031 shares of the company were exchanged, compared to its average volume of 2,918,089. The company has a market capitalization of $36.45 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.56 and a beta of 1.15. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89. The company has a debt-to-equity ratio of 5.00, a current ratio of 1.37 and a quick ratio of 0.80. The business has a 50 day moving average of $79.02 and a 200 day moving average of $75.11.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.79%. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SYY shares. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st. Stephens boosted their price target on Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Piper Sandler cut their price target on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays boosted their price target on Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets lifted their target price on Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $84.67.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total value of $137,760.00. Following the sale, the chief accounting officer now owns 24,082 shares of the company’s stock, valued at approximately $1,926,560. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.58% of the company’s stock.

About Sysco

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.