Sysco (NYSE:SYY) Posts Earnings Results, Beats Estimates By $0.01 EPS

Sysco (NYSE:SYY) released its quarterly earnings results on Tuesday. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.01, Zacks reports. Sysco had a return on equity of 112.04% and a net margin of 2.21%.The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 EPS.

Sysco Stock Down 0.7%

NYSE:SYY opened at $75.67 on Tuesday. The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.65 and a current ratio of 1.15. The firm has a market cap of $36.23 billion, a P/E ratio of 20.29, a P/E/G ratio of 2.51 and a beta of 0.61. Sysco has a fifty-two week low of $67.12 and a fifty-two week high of $83.47. The firm has a 50-day simple moving average of $74.98 and a two-hundred day simple moving average of $77.73.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Friday, January 2nd were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, January 2nd. Sysco’s dividend payout ratio (DPR) is currently 57.91%.

Hedge Funds Weigh In On Sysco

A number of hedge funds have recently added to or reduced their stakes in SYY. Darwin Wealth Management LLC bought a new position in Sysco in the 2nd quarter valued at approximately $31,000. Measured Wealth Private Client Group LLC bought a new position in shares of Sysco during the third quarter valued at $34,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sysco during the third quarter valued at $36,000. Headlands Technologies LLC bought a new stake in Sysco in the 2nd quarter worth about $42,000. Finally, Johnson Financial Group Inc. raised its position in Sysco by 70.7% in the 3rd quarter. Johnson Financial Group Inc. now owns 565 shares of the company’s stock worth $47,000 after buying an additional 234 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on SYY. Guggenheim raised their price objective on Sysco from $87.00 to $89.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Sanford C. Bernstein assumed coverage on shares of Sysco in a research note on Wednesday, October 22nd. They issued a “market perform” rating and a $83.00 price target for the company. Barclays lifted their price target on shares of Sysco from $86.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Piper Sandler cut their price objective on shares of Sysco from $81.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, December 12th. Finally, Citigroup decreased their target price on shares of Sysco from $82.00 to $81.00 and set a “neutral” rating for the company in a research note on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.75.

About Sysco

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.