Sysco (NYSE:SYY) Updates FY 2024 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on SYY. JPMorgan Chase & Co. increased their price objective on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a report on Tuesday, March 19th. BMO Capital Markets increased their price objective on Sysco from $85.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, January 31st. StockNews.com cut Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Barclays increased their price target on Sysco from $85.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Finally, Stephens increased their price objective on Sysco from $80.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Sysco has a consensus rating of Moderate Buy and an average price target of $85.38.

Sysco Stock Performance

Shares of NYSE SYY traded down $2.39 during trading on Tuesday, hitting $74.83. The company had a trading volume of 4,940,898 shares, compared to its average volume of 2,909,835. The firm has a market capitalization of $37.25 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15. 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 stock has a 50 day simple moving average of $79.12 and a 200 day simple moving average of $75.03. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89.

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

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a dividend of $0.51 per share. This is a boost from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is currently 48.90%.

Insiders Place Their Bets

In other news, CAO Neil Russell sold 1,722 shares of the stock in a transaction dated 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 approximately $1,926,560. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.58% of the stock is currently owned by corporate insiders.

About Sysco

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.