Sysco Co. (NYSE:SYY) Declares Quarterly Dividend of $0.50

Sysco Co. (NYSE:SYYGet Free Report) announced a quarterly dividend on Wednesday, February 21st, Zacks reports. Stockholders of record on Friday, April 5th will be paid a dividend of 0.50 per share on Friday, April 26th. This represents a $2.00 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Thursday, April 4th.

Sysco has raised its dividend by an average of 3.2% per year over the last three years and has raised its dividend every year for the last 55 years. Sysco has a dividend payout ratio of 42.4% indicating that 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 Trading Down 0.2 %

NYSE:SYY opened at $80.43 on Wednesday. Sysco has a 52 week low of $62.24 and a 52 week high of $82.89. The firm has a 50 day moving average of $79.90 and a 200 day moving average of $73.56. 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 stock has a market capitalization of $40.04 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 1.64 and a beta of 1.15.

Sysco (NYSE:SYYGet Free Report) last posted its earnings results on Tuesday, January 30th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The company had revenue of $19.29 billion during the quarter, compared to analysts’ expectations of $19.32 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. Sysco’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sysco will post 4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the 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 transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Sysco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in shares of Sysco by 1.8% in the first quarter. Geode Capital Management LLC now owns 8,909,697 shares of the company’s stock worth $686,254,000 after buying an additional 161,756 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of Sysco by 70,686.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,967,508 shares of the company’s stock worth $532,666,000 after buying an additional 6,957,665 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Sysco by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,819,065 shares of the company’s stock worth $521,318,000 after buying an additional 310,274 shares in the last quarter. Morgan Stanley lifted its stake in shares of Sysco by 34.8% in the fourth quarter. Morgan Stanley now owns 6,459,895 shares of the company’s stock worth $493,859,000 after buying an additional 1,666,008 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Sysco in the fourth quarter worth about $397,373,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SYY has been the topic of a number of recent analyst reports. Stephens upped their price target on shares of Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. upped their price target on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. BMO Capital Markets increased their price objective 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. Finally, Barclays increased their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.38.

Read Our Latest Research Report on Sysco

About Sysco

(Get Free Report)

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.

Further Reading

Dividend History for Sysco (NYSE:SYY)

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