$14.46 Billion in Sales Expected for Sysco Corporation (SYY) This Quarter
Equities research analysts expect Sysco Corporation (NYSE:SYY) to report sales of $14.46 billion for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Sysco Corporation’s earnings, with the highest sales estimate coming in at $14.56 billion and the lowest estimate coming in at $14.36 billion. Sysco Corporation posted sales of $13.97 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 3.5%. The business is expected to announce its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Sysco Corporation will report full year sales of $14.46 billion for the current year, with estimates ranging from $57.24 billion to $57.72 billion. For the next financial year, analysts expect that the company will post sales of $59.44 billion per share, with estimates ranging from $58.98 billion to $60.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Sysco Corporation.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business had revenue of $14.40 billion during the quarter, compared to analyst estimates of $14.35 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis.
Several equities research analysts recently commented on the stock. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a report on Monday, August 14th. Zacks Investment Research lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. BMO Capital Markets set a $60.00 price target on shares of Sysco Corporation and gave the stock a “buy” rating in a report on Thursday, August 3rd. BidaskClub lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $61.00 price target on shares of Sysco Corporation in a report on Monday, June 26th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $56.17.
Sysco Corporation (SYY) opened at 54.23 on Monday. The company’s 50 day moving average is $53.15 and its 200-day moving average is $52.73. The company has a market cap of $28.63 billion, a price-to-earnings ratio of 26.07 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 business also recently declared 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 2.43%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is presently 63.16%.
In other Sysco Corporation news, EVP Wayne Shurts sold 7,800 shares of Sysco Corporation stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total transaction of $396,396.00. Following the sale, the executive vice president now owns 58,776 shares of the company’s stock, valued at approximately $2,986,996.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,303,712. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,141,381 shares of company stock worth $114,829,988. 8.81% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in SYY. BlackRock Inc. boosted its stake in Sysco Corporation by 2,088.2% during the 1st quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after purchasing an additional 30,735,711 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Sysco Corporation by 9,055.0% during the 2nd quarter. Janus Henderson Group PLC now owns 5,707,603 shares of the company’s stock worth $287,264,000 after purchasing an additional 5,645,259 shares during the last quarter. American Century Companies Inc. boosted its stake in Sysco Corporation by 47.6% during the 2nd quarter. American Century Companies Inc. now owns 5,054,930 shares of the company’s stock worth $254,415,000 after purchasing an additional 1,629,990 shares during the last quarter. Capital World Investors boosted its stake in Sysco Corporation by 11.7% during the 2nd quarter. Capital World Investors now owns 13,767,000 shares of the company’s stock worth $692,893,000 after purchasing an additional 1,445,000 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in Sysco Corporation by 252.7% during the 2nd quarter. Nordea Investment Management AB now owns 1,928,089 shares of the company’s stock worth $97,041,000 after purchasing an additional 1,381,441 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors.
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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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