SYSCO Co. (NYSE:SYY) announced a quarterly dividend on Thursday, May 25th. Shareholders of record on Friday, July 7th will be paid a dividend of 0.33 per share on Friday, July 28th. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%.

SYSCO has raised its dividend payment by an average of 3.5% annually over the last three years and has raised its dividend annually for the last 46 consecutive years. SYSCO has a dividend payout ratio of 53.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect SYSCO to earn $2.75 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 48.0%.

Shares of SYSCO (NYSE:SYY) traded up 0.11% during midday trading on Thursday, reaching $54.28. 2,826,168 shares of the company’s stock were exchanged. The stock has a market capitalization of $29.05 billion, a P/E ratio of 28.61 and a beta of 0.52. SYSCO has a 12-month low of $47.15 and a 12-month high of $57.07. The firm has a 50-day moving average of $53.34 and a 200-day moving average of $53.49.

SYSCO (NYSE:SYY) last issued its earnings results on Monday, May 8th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.14 billion. SYSCO had a net margin of 1.94% and a return on equity of 40.85%. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 earnings per share. Analysts anticipate that SYSCO will post $2.47 EPS for the current fiscal year.

Dividend History for SYSCO (NYSE:SYY)

Several brokerages have issued reports on SYY. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $47.00 target price on shares of SYSCO in a report on Thursday, February 2nd. Credit Suisse Group AG raised shares of SYSCO from a “neutral” rating to an “outperform” rating and set a $59.00 target price for the company in a report on Monday, February 6th. BMO Capital Markets raised shares of SYSCO from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $56.00 to $60.00 in a report on Thursday, May 4th. Wells Fargo & Co reaffirmed a “buy” rating on shares of SYSCO in a report on Monday, February 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $51.00 target price (up from $50.00) on shares of SYSCO in a report on Monday, May 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. SYSCO has an average rating of “Hold” and an average target price of $56.30.

In other SYSCO news, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $51.66, for a total value of $805,896.00. Following the completion of the transaction, the insider now directly owns 43,176 shares in the company, valued at $2,230,472.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $54.22, for a total transaction of $1,626,600.00. Following the completion of the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $22,052,629.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,600 shares of company stock valued at $3,991,296. Company insiders own 8.81% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Aveo Capital Partners LLC increased its position in SYSCO by 37.5% in the first quarter. Aveo Capital Partners LLC now owns 8,538 shares of the company’s stock valued at $443,000 after buying an additional 2,327 shares during the period. PVG Asset Management Corp bought a new position in SYSCO during the first quarter valued at approximately $478,000. Barings LLC increased its position in SYSCO by 58.5% in the first quarter. Barings LLC now owns 74,949 shares of the company’s stock valued at $3,891,000 after buying an additional 27,649 shares during the period. HighTower Advisors LLC increased its position in SYSCO by 2.0% in the first quarter. HighTower Advisors LLC now owns 76,570 shares of the company’s stock valued at $3,968,000 after buying an additional 1,531 shares during the period. Finally, Bank of Nova Scotia increased its position in SYSCO by 886.1% in the first quarter. Bank of Nova Scotia now owns 114,228 shares of the company’s stock valued at $5,930,000 after buying an additional 102,644 shares during the period. 77.50% of the stock is currently owned by hedge funds and other institutional investors.

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SYSCO Company Profile

Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.

12 Month Chart for NYSE:SYY

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