Sysco Corporation Plans Quarterly Dividend of $0.33 (SYY)

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.

Dividend History for Sysco Corporation (NYSE:SYY)

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