Sysco (NYSE:SYY) Issues FY 2024 Earnings Guidance

Sysco (NYSE:SYY) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.200-4.400 for the period, compared to the consensus EPS estimate of 4.320. The company issued revenue guidance of -. Sysco also updated its FY24 guidance to $4.20-4.40 EPS.

Sysco Price Performance

SYY stock traded up $1.32 during trading on Thursday, reaching $74.37. The company’s stock had a trading volume of 2,038,447 shares, compared to its average volume of 2,959,851. The company has a market capitalization of $37.02 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16. The company’s fifty day moving average is $78.89 and its 200-day moving average is $75.09. The company has a quick ratio of 0.80, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 earnings per share. On average, research analysts expect that Sysco will post 4.33 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a dividend of $0.51 per share. This is a positive change from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.74%. Sysco’s dividend payout ratio (DPR) is presently 48.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. BMO Capital Markets boosted their price objective on Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, January 31st. Truist Financial decreased their price target on Sysco from $91.00 to $87.00 and set a buy rating on the stock in a report on Thursday. UBS Group reduced their target price on shares of Sysco from $92.00 to $87.00 and set a buy rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective 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. Finally, Stephens increased their target price on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $84.90.

Insider Activity at Sysco

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

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.