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

Sysco Co. (NYSE:SYY) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Shareholders 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 yield of 2.62%. The ex-dividend date of this dividend is Friday, October 4th.

Sysco has raised its dividend 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 payout ratio of 44.3% meaning its dividend is sufficiently covered by earnings. 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 0.4 %

Shares of NYSE SYY opened at $77.74 on Wednesday. Sysco has a 52-week low of $62.24 and a 52-week high of $82.89. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The company’s 50-day simple moving average is $76.39 and its 200-day simple moving average is $75.37. The firm has a market cap of $38.21 billion, a price-to-earnings ratio of 18.96, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. The company had revenue of $20.56 billion during 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%. Sysco’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 EPS. Equities analysts predict that Sysco will post 4.6 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays raised 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. JPMorgan Chase & Co. boosted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Truist Financial dropped their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Bank of America lowered their target price on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Finally, Morgan Stanley cut their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Sysco has an average rating of “Moderate Buy” and an average 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.