Sysco (NYSE:SYY) Releases FY24 Earnings Guidance

Sysco (NYSE:SYY) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.20-4.40 for the period, compared to the consensus estimate of $4.32. Sysco also updated its FY 2024 guidance to 4.200-4.400 EPS.

Sysco Stock Performance

Shares of NYSE SYY traded down $2.33 during trading on Tuesday, hitting $74.89. The company had a trading volume of 3,779,787 shares, compared to its average volume of 2,895,620. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.80 and a current ratio of 1.37. The firm has a market capitalization of $37.28 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15. The stock has a 50 day simple moving average of $79.12 and a 200 day simple moving average of $75.03.

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

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.51 dividend. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, July 5th. Sysco’s payout ratio is currently 48.90%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the sale, the chief accounting officer now owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.58% of the stock is currently owned by insiders.

Sysco Company Profile

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.