Sysco Corporation to Post Q3 2018 Earnings of $0.57 Per Share, Jefferies Group Forecasts (SYY)
Sysco Corporation (NYSE:SYY) – Jefferies Group reduced their Q3 2018 earnings estimates for shares of Sysco Corporation in a research note issued on Monday. Jefferies Group analyst C. Mandeville now anticipates that the company will earn $0.57 per share for the quarter, down from their prior forecast of $0.58. Jefferies Group currently has a “Hold” rating and a $51.00 target price on the stock.
Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion during the quarter, compared to analyst estimates of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS.
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Several other analysts have also issued reports on the stock. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. BMO Capital Markets reiterated a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a report on Tuesday, June 27th. Bank of America Corporation reiterated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a report on Monday, June 26th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Friday, July 21st. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $57.00 target price on shares of Sysco Corporation in a report on Friday, June 23rd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $56.02.
Shares of Sysco Corporation (NYSE:SYY) traded up 0.64% on Thursday, reaching $51.52. The company had a trading volume of 2,013,778 shares. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The company’s 50-day moving average is $51.06 and its 200-day moving average is $52.57. The company has a market capitalization of $27.31 billion, a PE ratio of 24.77 and a beta of 0.52.
Several institutional investors have recently made changes to their positions in SYY. North Star Investment Management Corp. increased its position in shares of Sysco Corporation by 81.2% in the first quarter. North Star Investment Management Corp. now owns 1,944 shares of the company’s stock worth $101,000 after buying an additional 871 shares in the last quarter. TrimTabs Asset Management LLC raised its position in Sysco Corporation by 88.7% in the first quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after buying an additional 1,016 shares during the period. Arcadia Investment Management Corp MI raised its position in Sysco Corporation by 10.7% in the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after buying an additional 225 shares during the period. Acrospire Investment Management LLC raised its position in Sysco Corporation by 84.6% in the second quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after buying an additional 1,100 shares during the period. Finally, Manchester Capital Management LLC raised its position in Sysco Corporation by 13.4% in the second quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after buying an additional 300 shares during the period. 78.49% of the stock is owned by institutional investors and hedge funds.
In related news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $20,303,712. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $50.87, for a total transaction of $793,572.00. Following the completion of the transaction, the insider now directly owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 122,400 shares of company stock valued at $6,494,700. 8.81% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is currently 63.16%.
About Sysco Corporation
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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