Q1 2017 EPS Estimates for Sysco Corp. Lifted by Jefferies Group (SYY)
Sysco Corp. (NYSE:SYY) – Jefferies Group increased their Q1 2017 earnings per share estimates for shares of Sysco Corp. in a research report issued on Friday. Jefferies Group analyst M. Wiltamuth now forecasts that the brokerage will post earnings per share of $0.62 for the quarter, up from their previous estimate of $0.61. Jefferies Group currently has a “Hold” rating and a $50.00 target price on the stock. Jefferies Group also issued estimates for Sysco Corp.’s Q4 2017 earnings at $0.69 EPS, FY2017 earnings at $2.33 EPS, Q1 2018 earnings at $0.68 EPS, Q2 2018 earnings at $0.56 EPS, Q3 2018 earnings at $0.58 EPS, Q4 2018 earnings at $0.79 EPS, FY2018 earnings at $2.61 EPS and FY2020 earnings at $3.05 EPS.
Several other equities research analysts have also issued reports on SYY. BMO Capital Markets reiterated a “hold” rating and set a $52.00 price target on shares of Sysco Corp. in a report on Thursday, June 16th. Bank of America Corp. started coverage on Sysco Corp. in a report on Monday, June 20th. They set a “neutral” rating and a $52.00 price target for the company. Morgan Stanley reiterated a “sell” rating on shares of Sysco Corp. in a report on Monday, June 20th. Deutsche Bank AG started coverage on Sysco Corp. in a report on Monday, July 18th. They set a “hold” rating and a $52.00 price target for the company. Finally, Vetr upgraded Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 price target for the company in a report on Monday, July 18th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $50.45.
Sysco Corp. (NYSE:SYY) opened at 49.01 on Monday. Sysco Corp. has a 52 week low of $38.84 and a 52 week high of $53.97. The company’s 50-day moving average price is $51.10 and its 200 day moving average price is $49.56. The company has a market capitalization of $27.21 billion, a PE ratio of 29.88 and a beta of 0.56.
Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, August 15th. The company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company earned $13.65 billion during the quarter, compared to analysts’ expectations of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The business’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s payout ratio is 75.15%.
In related news, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $51.96, for a total value of $1,045,123.44. Following the transaction, the chief executive officer now directly owns 422,507 shares of the company’s stock, valued at approximately $21,953,463.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William B. Day sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $51.53, for a total value of $3,864,750.00. Following the completion of the transaction, the insider now directly owns 201,283 shares in the company, valued at $10,372,112.99. The disclosure for this sale can be found here. 7.77% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC World Markets Inc. increased its position in shares of Sysco Corp. by 265.7% in the first quarter. CIBC World Markets Inc. now owns 40,592 shares of the company’s stock worth $1,897,000 after buying an additional 29,491 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Sysco Corp. by 24.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 202,633 shares of the company’s stock worth $9,469,000 after buying an additional 39,705 shares during the last quarter. Ngam Advisors L.P. increased its position in shares of Sysco Corp. by 269.5% in the first quarter. Ngam Advisors L.P. now owns 279,309 shares of the company’s stock worth $13,052,000 after buying an additional 203,720 shares during the last quarter. Teachers Advisors Inc. increased its position in shares of Sysco Corp. by 7.3% in the first quarter. Teachers Advisors Inc. now owns 955,398 shares of the company’s stock worth $44,646,000 after buying an additional 65,051 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in shares of Sysco Corp. by 12.5% in the first quarter. Stratos Wealth Partners LTD. now owns 11,581 shares of the company’s stock worth $541,000 after buying an additional 1,288 shares during the last quarter. 76.65% of the stock is currently owned by institutional investors and hedge funds.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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