SYSCO Co. (SYY) Plans $0.33 Quarterly Dividend
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.
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.
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