Sysco (NYSE:SYY) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

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

Sysco Stock Performance

Shares of SYY stock opened at $77.21 on Tuesday. Sysco has a 1 year low of $62.24 and a 1 year high of $82.89. 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 firm has a market cap of $38.44 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 1.56 and a beta of 1.15. The stock’s 50-day moving average is $79.12 and its two-hundred day moving average is $75.03.

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

Sysco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be paid a $0.51 dividend. The ex-dividend date is Friday, July 5th. 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%. Sysco’s payout ratio is currently 48.90%.

Insider Activity

In related news, CAO Neil Russell sold 1,722 shares of the firm’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 owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.58% of the company’s stock.

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.