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

Sysco (NYSE:SYY) announced its earnings results on Tuesday. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01, Briefing.com reports. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same period last year, the business posted $0.90 EPS. Sysco’s revenue for the quarter was up 2.7% on a year-over-year basis. 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

SYY traded down $1.28 on Wednesday, hitting $73.04. 893,883 shares of the company were exchanged, compared to its average volume of 2,921,205. The business’s fifty day moving average is $79.02 and its 200 day moving average is $75.11. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.80 and a current ratio of 1.37. The firm has a market capitalization of $36.36 billion, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a $0.51 dividend. 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 (DPR) is presently 48.90%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. Stephens increased their price target on Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. BMO Capital Markets lifted their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. raised their price target on Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler lowered their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.67.

Insider Transactions at Sysco

In related news, CAO Neil Russell sold 1,722 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the sale, the chief accounting officer now directly owns 24,082 shares in the company, valued at approximately $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.58% of the company’s stock.

Sysco Company Profile

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.