Sysco (NYSE:SYY) Releases FY 2024 Earnings Guidance

Sysco (NYSE:SYY - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.200-4.400 for the period, compared to the consensus earnings per share estimate of 4.320. The company issued revenue guidance of -. Sysco also updated its FY24 guidance to $4.20-4.40 EPS.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. BMO Capital Markets boosted their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Wednesday, January 31st. Stephens increased their price target on Sysco from $80.00 to $90.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Barclays lifted their price objective on Sysco from $85.00 to $90.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on Sysco from $84.00 to $87.00 and gave the company an overweight rating in a research report on Tuesday, March 19th. Finally, StockNews.com lowered shares of Sysco from a strong-buy rating to a buy rating in a report on Thursday, February 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Sysco currently has an average rating of Moderate Buy and an average price target of $85.38.

Sysco Trading Down 3.8 %

Shares of NYSE SYY traded down $2.90 during trading hours on Tuesday, hitting $74.32. 7,972,734 shares of the company traded hands, compared to its average volume of 2,948,538. The stock has a market capitalization of $37.00 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15. The company's 50 day moving average price is $79.02 and its 200 day moving average price is $75.11. Sysco has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, January 30th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. The company 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 firm's revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. On average, equities research analysts anticipate that Sysco will post 4.33 earnings per share for the current fiscal year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.74%. This is an increase from Sysco's previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco's dividend payout ratio is presently 48.90%.

Insider Buying and Selling

In other news, CAO Neil Russell sold 1,722 shares of the business's stock in a transaction 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 directly owns 24,082 shares of the company's stock, valued at $1,926,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is owned by corporate insiders.

About Sysco

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.