Sysco (NYSE:SYY) Releases FY24 Earnings Guidance

Sysco (NYSE:SYY) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.20-4.40 for the period, compared to the consensus estimate of $4.32. Sysco also updated its FY 2024 guidance to 4.200-4.400 EPS.

Analyst Upgrades and Downgrades

SYY has been the topic of several research reports. Barclays upped their price target on shares of Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. upped their price target on shares of Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. BMO Capital Markets upped their price target on shares of Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. Finally, Stephens increased their price objective on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sysco presently has a consensus rating of Moderate Buy and an average price target of $85.38.

Sysco Trading Down 3.0 %

NYSE SYY traded down $2.33 during trading hours on Tuesday, reaching $74.89. The company’s stock had a trading volume of 3,779,787 shares, compared to its average volume of 2,895,620. The firm has a fifty day simple moving average of $79.12 and a 200-day simple moving average of $75.03. The stock has a market cap of $37.28 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.56 and a beta of 1.15. Sysco has a 52 week low of $62.24 and a 52 week 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.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, January 30th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $19.29 billion during the quarter, compared to the consensus estimate of $19.32 billion. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 EPS. Equities analysts forecast that Sysco will post 4.33 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.90%.

Insider Transactions at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of 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 legal filing with the SEC, which is accessible through this link. 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.