Sysco Co. (NYSE:SYY) Increases Dividend to $0.51 Per Share

Sysco Co. (NYSE:SYY - Get Free Report) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Friday, July 5th will be paid a dividend of 0.51 per share on Friday, July 26th. This represents a $2.04 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, July 5th. This is an increase from Sysco's previous quarterly dividend of $0.50.

Sysco has increased its dividend payment by an average of 3.2% annually over the last three years and has increased its dividend every year for the last 55 years. Sysco has a dividend payout ratio of 42.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Sysco to earn $4.68 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 42.7%.

Sysco Price Performance

Shares of NYSE SYY remained flat at $77.07 during trading hours on Friday. 2,072,280 shares of the company traded hands, compared to its average volume of 2,339,761. The company has a quick ratio of 0.80, a current ratio of 1.37 and a debt-to-equity ratio of 5.00. The business's 50 day moving average is $79.16 and its 200 day moving average is $74.85. The stock has a market cap of $38.37 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.57 and a beta of 1.15. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.01. The business had revenue of $19.29 billion during 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%. Sysco's quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 EPS. Research analysts anticipate that Sysco will post 4.3 earnings per share for the current fiscal year.

Insider Transactions at Sysco

In other news, CAO Neil Russell sold 1,722 shares of the firm's stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 24,082 shares of the company's stock, valued at approximately $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.58% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on SYY shares. BMO Capital Markets upped their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an "outperform" rating in a report on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 1st. Stephens increased their price target on shares of Sysco from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, January 31st. Barclays increased their price target on shares of Sysco from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, January 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of Sysco from $84.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, March 19th. 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, Sysco currently has an average rating of "Moderate Buy" and an average price target of $85.38.

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.