Sysco (NYSE:SYY) Releases FY24 Earnings Guidance

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

Analysts Set New Price Targets

Several brokerages have issued reports on SYY. Barclays raised their target price on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. StockNews.com lowered Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Piper Sandler decreased their price target on Sysco from $83.00 to $79.00 and set a neutral rating for the company in a report on Wednesday. JPMorgan Chase & Co. raised their target price on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a report on Tuesday, March 19th. Finally, BMO Capital Markets boosted their price objective on Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $84.67.

Sysco Stock Performance

Shares of SYY traded down $0.88 during mid-day trading on Wednesday, hitting $73.44. 2,126,467 shares of the company traded hands, compared to its average volume of 2,936,408. The stock has a 50-day moving average price of $79.02 and a two-hundred day moving average price of $75.11. The stock has a market cap of $36.56 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.56 and a beta of 1.15. 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.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Equities 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. Shareholders of record on Friday, July 5th will be given a $0.51 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.78%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 48.90%.

Insider Activity

In other news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.