Sysco Corporation (NYSE:SYY) announced a quarterly dividend on Friday, July 28th, RTT News reports. Shareholders of record on Friday, October 6th will be given a dividend of 0.33 per share on Friday, October 27th. This represents a $1.32 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Thursday, October 5th.
Sysco Corporation has raised its dividend by an average of 3.5% annually over the last three years and has increased its dividend every year for the last 46 years. Sysco Corporation has a payout ratio of 53.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Sysco Corporation to earn $2.75 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 48.0%.
Sysco Corporation (NYSE SYY) traded down 0.76% during mid-day trading on Tuesday, reaching $52.08. The company had a trading volume of 3,290,436 shares. The firm has a market capitalization of $27.87 billion, a PE ratio of 27.45 and a beta of 0.52. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The stock’s 50-day moving average price is $51.49 and its 200 day moving average price is $52.71.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, May 8th. The company reported $0.51 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.51. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The business had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.14 billion. During the same quarter last year, the firm posted $0.46 EPS. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, equities research analysts predict that Sysco Corporation will post $2.47 EPS for the current year.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. Guggenheim reissued a “neutral” rating on shares of Sysco Corporation in a research report on Tuesday, April 11th. BMO Capital Markets raised shares of Sysco Corporation from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $56.00 to $60.00 in a research report on Thursday, May 4th. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price (up previously from $50.00) on shares of Sysco Corporation in a research report on Monday, May 8th. Finally, Royal Bank Of Canada lifted their price target on shares of Sysco Corporation from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Tuesday, May 9th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Sysco Corporation presently has a consensus rating of “Hold” and a consensus price target of $56.02.
In other Sysco Corporation news, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total value of $1,666,500.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $22,593,573.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $54.25, for a total transaction of $846,300.00. Following the completion of the sale, the insider now directly owns 58,776 shares of the company’s stock, valued at $3,188,598. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,400 shares of company stock valued at $8,121,300. Company insiders own 8.81% of the company’s stock.
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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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