Sysco (NYSE:SYY) Issues FY 2024 Earnings Guidance

Sysco (NYSE:SYY) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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 Price Performance

Sysco stock traded down $2.57 during mid-day trading on Tuesday, reaching $74.65. The company had a trading volume of 1,731,122 shares, compared to its average volume of 2,867,993. The business has a fifty day simple moving average of $79.12 and a 200 day simple moving average of $75.03. The company has a market cap of $37.16 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.56 and a beta of 1.15. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

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

Sysco Increases Dividend

The firm 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 $0.51 dividend. 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. The ex-dividend date is Friday, July 5th. Sysco’s payout ratio is currently 48.90%.

Analyst Ratings Changes

SYY has been the topic of several analyst reports. StockNews.com cut shares of Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. Stephens upped their price target on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Barclays lifted 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. JPMorgan Chase & Co. upped their price objective on shares of Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. Finally, BMO Capital Markets upped their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Sysco presently has an average rating of Moderate Buy and an average target price of $85.38.

Insider Transactions at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

About Sysco

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.