Sysco (NYSE:SYY) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SYY. Stephens upped their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Barclays upped their target price 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. Truist Financial dropped their price objective on shares of Sysco from $91.00 to $87.00 and set a buy rating on the stock in a research note on Thursday. StockNews.com lowered shares of Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Finally, UBS Group decreased their target price on shares of Sysco from $92.00 to $87.00 and set a buy rating for the company in a research report on Wednesday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $84.90.

Sysco Stock Performance

Shares of NYSE SYY traded up $1.16 during mid-day trading on Thursday, reaching $74.21. 1,434,664 shares of the company were exchanged, compared to its average volume of 2,953,454. Sysco has a twelve month low of $62.24 and a twelve month high of $82.89. The stock has a market capitalization of $36.94 billion, a P/E ratio of 17.90, a P/E/G ratio of 1.50 and a beta of 1.16. The company’s 50-day simple moving average is $78.89 and its 200-day simple 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 (NYSE:SYY) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. During the same period in the previous year, the firm posted $0.90 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, research analysts predict that Sysco will post 4.33 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be paid a $0.51 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.04 annualized dividend and a dividend yield of 2.75%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s payout ratio is currently 48.78%.

Insider Buying and Selling at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the completion of the sale, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.58% of the stock is currently owned by company 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.