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

Sysco (NYSE:SYY) posted its earnings results on Tuesday. The company reported $0.96 earnings per share (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 99.88% and a net margin of 2.66%. Sysco’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Sysco updated its FY24 guidance to $4.20-4.40 EPS and its FY 2024 guidance to 4.200-4.400 EPS.

Sysco Stock Down 1.7 %

SYY opened at $73.04 on Thursday. 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 5.77, a quick ratio of 0.80 and a current ratio of 1.34. The company has a market capitalization of $36.36 billion, a P/E ratio of 17.81, a P/E/G ratio of 1.50 and a beta of 1.16. The stock has a fifty day moving average of $78.89 and a 200-day moving average of $75.09.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued 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 dividend yield of 2.79%. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Insider Transactions at Sysco

In related 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 transaction, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. raised their price target on shares of Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Stephens raised their price target 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. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, UBS Group cut their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.90.

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.