Sysco Corp. (SYY) Declares Dividend Increase – $0.33 Per Share
Sysco Corp. (NYSE:SYY) announced a quarterly dividend on Wednesday, November 16th. Stockholders of record on Friday, January 6th will be paid a dividend of 0.33 per share on Friday, January 27th. This represents a $1.32 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, January 4th. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31.
Shares of Sysco Corp. (NYSE:SYY) opened at 53.13 on Thursday. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $54.66. The stock has a market capitalization of $29.06 billion, a price-to-earnings ratio of 29.39 and a beta of 0.49. The stock’s 50 day moving average price is $49.32 and its 200 day moving average price is $50.23.
Sysco Corp. (NYSE:SYY) last posted its earnings results on Monday, November 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. Sysco Corp. had a return on equity of 34.82% and a net margin of 1.99%. The firm had revenue of $14 billion for the quarter, compared to analysts’ expectations of $13.88 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. Analysts expect that Sysco Corp. will post $2.43 EPS for the current year.
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $57.00 target price (up from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Credit Suisse Group AG lowered Sysco Corp. from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $59.00 to $55.00 in a research report on Wednesday. Vetr lowered Sysco Corp. from a “hold” rating to a “sell” rating and set a $50.83 price target on the stock. in a research report on Thursday, August 18th. Pivotal Research lifted their price target on Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a research report on Tuesday, November 8th. Finally, BMO Capital Markets set a $56.00 price target on Sysco Corp. and gave the company a “hold” rating in a research report on Wednesday, November 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $52.09.
In related news, CFO Joel T. Grade sold 24,128 shares of the company’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $53.49, for a total transaction of $1,290,606.72. Following the completion of the sale, the chief financial officer now owns 61,563 shares in the company, valued at $3,293,004.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Greg D. Bertrand sold 7,382 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $53.50, for a total value of $394,937.00. Following the sale, the senior vice president now owns 38,272 shares of the company’s stock, valued at approximately $2,047,552. The disclosure for this sale can be found here. 8.81% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. BlackRock Group LTD boosted its stake in Sysco Corp. by 3.2% in the second quarter. BlackRock Group LTD now owns 4,272,824 shares of the company’s stock worth $216,804,000 after buying an additional 134,342 shares during the period. Ameritas Investment Partners Inc. boosted its stake in Sysco Corp. by 5.5% in the second quarter. Ameritas Investment Partners Inc. now owns 12,317 shares of the company’s stock worth $625,000 after buying an additional 647 shares during the period. BlackRock Japan Co. Ltd boosted its stake in Sysco Corp. by 1.1% in the second quarter. BlackRock Japan Co. Ltd now owns 725,414 shares of the company’s stock worth $36,808,000 after buying an additional 7,815 shares during the period. Bank of Nova Scotia boosted its stake in Sysco Corp. by 6.4% in the second quarter. Bank of Nova Scotia now owns 10,465 shares of the company’s stock worth $531,000 after buying an additional 630 shares during the period. Finally, Columbia Partners L L C Investment Management boosted its stake in Sysco Corp. by 2.7% in the second quarter. Columbia Partners L L C Investment Management now owns 10,830 shares of the company’s stock worth $549,000 after buying an additional 280 shares during the period. Institutional investors own 76.77% of the company’s stock.
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.
Receive News & Stock Ratings for Sysco Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco Corp. and related stocks with our FREE daily email newsletter.