Sysco (NYSE:SYY) Issues FY24 Earnings Guidance

Sysco (NYSE:SYY) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.20-4.40 for the period, compared to the consensus earnings per share estimate of $4.32.

Sysco Trading Up 0.2 %

NYSE SYY opened at $77.21 on Tuesday. The stock has a 50-day moving average of $79.12 and a 200-day moving average of $75.03. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89. The firm has a market cap of $38.44 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15.

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

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a dividend of $0.51 per share. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is currently 48.90%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research report on Wednesday, January 31st. Stephens boosted their price target on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a report on Wednesday, January 31st. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Barclays boosted their target price on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Finally, JPMorgan Chase & Co. raised their price target on Sysco from $84.00 to $87.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $85.38.

Insider Activity

In other Sysco news, CAO Neil Russell sold 1,722 shares of the 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 completion of the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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.