Zacks: Brokerages Expect SYSCO Co. (SYY) Will Announce Quarterly Sales of $15.46 Billion

Equities analysts forecast that SYSCO Co. (NYSE:SYY) will announce sales of $15.46 billion for the current fiscal quarter, according to Zacks. Two analysts have made estimates for SYSCO’s earnings. The highest sales estimate is $15.50 billion and the lowest is $15.41 billion. SYSCO reported sales of $14.65 billion during the same quarter last year, which suggests a positive year over year growth rate of 5.5%. The company is expected to announce its next earnings results before the market opens on Monday, November 5th.

According to Zacks, analysts expect that SYSCO will report full year sales of $61.26 billion for the current fiscal year, with estimates ranging from $61.08 billion to $61.41 billion. For the next fiscal year, analysts forecast that the business will report sales of $63.88 billion, with estimates ranging from $63.70 billion to $64.02 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover SYSCO.

SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The firm had revenue of $15.32 billion during the quarter, compared to analysts’ expectations of $15.30 billion. During the same period in the prior year, the company earned $0.72 EPS. The firm’s revenue was up 6.2% on a year-over-year basis.

A number of brokerages recently weighed in on SYY. Pivotal Research upped their price target on shares of SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a research report on Saturday, August 18th. Loop Capital upped their price target on shares of SYSCO to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Argus upped their price target on shares of SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. BMO Capital Markets upped their price target on shares of SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 14th. Finally, Morgan Stanley upped their price target on shares of SYSCO from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. SYSCO currently has an average rating of “Hold” and an average price target of $73.62.

Shares of SYSCO stock opened at $71.29 on Friday. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74. SYSCO has a twelve month low of $52.30 and a twelve month high of $75.98. The firm has a market cap of $37.12 billion, a P/E ratio of 23.68, a price-to-earnings-growth ratio of 1.93 and a beta of 0.56.

In other SYSCO news, SVP Brian R. Todd sold 9,147 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total value of $675,231.54. Following the completion of the transaction, the senior vice president now directly owns 11,747 shares of the company’s stock, valued at approximately $867,163.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joshua D. Frank sold 816,640 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $75.00, for a total transaction of $61,248,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,969,811 shares of company stock valued at $297,370,093. 7.88% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the business. Mn Services Vermogensbeheer B.V. raised its stake in shares of SYSCO by 2.1% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 79,418 shares of the company’s stock valued at $5,817,000 after purchasing an additional 1,600 shares in the last quarter. BP PLC raised its stake in shares of SYSCO by 94.5% in the 3rd quarter. BP PLC now owns 107,000 shares of the company’s stock valued at $7,837,000 after purchasing an additional 52,000 shares in the last quarter. Virginia Retirement Systems ET AL raised its stake in shares of SYSCO by 24.8% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 742,200 shares of the company’s stock valued at $54,366,000 after purchasing an additional 147,600 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of SYSCO by 9.6% in the 3rd quarter. WINTON GROUP Ltd now owns 291,332 shares of the company’s stock valued at $21,340,000 after purchasing an additional 25,522 shares in the last quarter. Finally, Security National Trust Co. raised its stake in shares of SYSCO by 110.0% in the 3rd quarter. Security National Trust Co. now owns 2,100 shares of the company’s stock valued at $154,000 after purchasing an additional 1,100 shares in the last quarter. 80.16% of the stock is owned by institutional investors.

SYSCO Company Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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