Sysco Co. Declares Quarterly Dividend of $0.51 (NYSE:SYY)

Sysco Co. (NYSE:SYY) announced a quarterly dividend on Thursday, August 15th, Zacks reports. Stockholders of record on Friday, October 4th will be given a dividend of 0.51 per share on Friday, October 25th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Friday, October 4th.

Sysco has increased its dividend payment by an average of 3.2% per year over the last three years and has increased its dividend every year for the last 56 years. Sysco has a dividend payout ratio of 44.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Sysco to earn $4.97 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 41.0%.

Sysco Stock Down 0.5 %

SYY opened at $77.38 on Thursday. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The company has a market capitalization of $38.03 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20. The business has a 50-day moving average of $76.52 and a 200-day moving average of $75.39. Sysco has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.34 EPS. Equities research analysts forecast that Sysco will post 4.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SYY shares. Bank of America lowered their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Barclays increased their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Jefferies Financial Group raised their target price on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Morgan Stanley lowered their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Finally, Truist Financial lowered their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.08.

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.