Sysco Corporation Expected to Post FY2018 Earnings of $2.71 Per Share (SYY)
Sysco Corporation (NYSE:SYY) – Research analysts at Jefferies Group boosted their FY2018 earnings per share estimates for shares of Sysco Corporation in a report released on Thursday. Jefferies Group analyst C. Mandeville now anticipates that the company will post earnings of $2.71 per share for the year, up from their previous forecast of $2.70. Jefferies Group currently has a “Hold” rating and a $51.00 target price on the stock. Jefferies Group also issued estimates for Sysco Corporation’s Q1 2019 earnings at $0.76 EPS, Q2 2019 earnings at $0.68 EPS, Q3 2019 earnings at $0.62 EPS, Q4 2019 earnings at $0.85 EPS, FY2019 earnings at $2.90 EPS and FY2022 earnings at $3.45 EPS.
Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. The business had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. WARNING: This piece of content was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece of content on another domain, it was copied illegally and republished in violation of international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.thecerbatgem.com/2017/10/01/sysco-corporation-expected-to-post-fy2018-earnings-of-2-71-per-share-syy.html.
Other research analysts also recently issued research reports about the company. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Tuesday, July 4th. BMO Capital Markets reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reaffirmed a “buy” rating and issued a $61.00 price objective on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, Pivotal Research set a $53.00 price objective on Sysco Corporation and gave the company a “hold” rating in a research note on Sunday, August 13th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $56.17.
Shares of Sysco Corporation (NYSE:SYY) opened at 53.95 on Friday. The firm has a market cap of $28.48 billion, a PE ratio of 25.94 and a beta of 0.52. Sysco Corporation has a 12 month low of $47.15 and a 12 month high of $57.07. The company’s 50 day moving average is $52.31 and its 200-day moving average is $52.57.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.45%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s payout ratio is presently 63.16%.
In related news, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total value of $1,497,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at $20,303,712. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Wayne Shurts sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total value of $396,396.00. Following the completion of the sale, the executive vice president now owns 58,776 shares in the company, valued at $2,986,996.32. The disclosure for this sale can be found here. Insiders sold 2,124,714 shares of company stock worth $113,927,970 over the last quarter. 8.81% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Citizens Financial Group Inc. RI boosted its holdings in shares of Sysco Corporation by 1,233.5% during the 1st quarter. Citizens Financial Group Inc. RI now owns 157,557 shares of the company’s stock worth $8,181,000 after buying an additional 145,742 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Sysco Corporation by 27.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,866 shares of the company’s stock worth $1,914,000 after buying an additional 8,021 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Sysco Corporation by 29.3% during the 2nd quarter. Sei Investments Co. now owns 238,395 shares of the company’s stock worth $11,998,000 after buying an additional 54,078 shares in the last quarter. Suntrust Banks Inc. boosted its holdings in shares of Sysco Corporation by 2.6% during the 1st quarter. Suntrust Banks Inc. now owns 242,423 shares of the company’s stock worth $12,585,000 after buying an additional 6,218 shares in the last quarter. Finally, BARING ASSET MANAGEMENT Ltd boosted its holdings in shares of Sysco Corporation by 15.5% during the 2nd quarter. BARING ASSET MANAGEMENT Ltd now owns 28,118 shares of the company’s stock worth $1,415,000 after buying an additional 3,773 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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