Sysco (NYSE:SYY) Updates 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 also updated its FY 2024 guidance to 4.200-4.400 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of Sysco from $91.00 to $87.00 and set a buy rating for the company in a report on Thursday. BMO Capital Markets lifted their target price on shares of Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. 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 note on Wednesday, January 31st. StockNews.com downgraded Sysco from a strong-buy rating to a buy rating in a research note on Thursday, February 1st. Finally, Barclays raised their price target on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $84.90.

Sysco Price Performance

Shares of SYY stock traded up $1.11 during trading hours on Friday, hitting $75.36. The company had a trading volume of 2,709,189 shares, compared to its average volume of 2,970,944. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.80 and a current ratio of 1.34. The firm’s fifty day moving average is $78.76 and its 200 day moving average is $75.09. The firm has a market capitalization of $37.52 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.48 and a beta of 1.16.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. On average, sell-side analysts predict that Sysco will post 4.33 EPS for the current fiscal year.

Sysco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.51 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is currently 48.78%.

Insider Transactions at Sysco

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