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.

Sysco Trading Down 3.3 %

NYSE SYY traded down $2.57 during mid-day trading on Tuesday, reaching $74.65. 1,731,122 shares of the stock were exchanged, compared to its average volume of 2,867,993. The stock has a market capitalization of $37.16 billion, a PE ratio of 18.88, a PEG 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. Sysco has a 1-year low of $62.24 and a 1-year high of $82.89. The business’s fifty day simple moving average is $79.12 and its 200 day simple moving average is $75.03.

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

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.73%. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.90%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other 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 completion of the sale, the chief accounting officer now directly owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is 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.