SYSCO (SYY) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

SYSCO (NYSE:SYY) posted its earnings results on Monday, May 6th. The company reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.09, MarketWatch Earnings reports. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The business had revenue of $14.66 billion during the quarter, compared to analysts’ expectations of $14.78 billion. During the same period in the previous year, the business earned $0.67 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis.

SYSCO stock traded up $0.13 during trading on Thursday, reaching $74.52. The company had a trading volume of 1,952,461 shares, compared to its average volume of 2,199,606. SYSCO has a 52 week low of $59.44 and a 52 week high of $75.98. The stock has a market cap of $38.43 billion, a P/E ratio of 23.73, a P/E/G ratio of 2.14 and a beta of 0.55. The company has a debt-to-equity ratio of 3.44, a quick ratio of 0.79 and a current ratio of 1.30.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.09%. SYSCO’s dividend payout ratio is currently 49.68%.

In other SYSCO news, Director Trian Fund Management, L.P. sold 707,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total transaction of $46,874,100.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.88% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of SYY. Marshall Wace North America L.P. purchased a new position in SYSCO in the first quarter worth about $5,336,000. Marshall Wace LLP bought a new stake in SYSCO in the first quarter worth about $12,039,000. Clearbridge Investments LLC lifted its stake in SYSCO by 1.7% in the first quarter. Clearbridge Investments LLC now owns 2,767,955 shares of the company’s stock worth $184,789,000 after purchasing an additional 45,052 shares during the last quarter. GYL Financial Synergies LLC bought a new stake in SYSCO in the first quarter worth about $298,000. Finally, Lowe Brockenbrough & Co. Inc. lifted its stake in SYSCO by 0.4% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 60,187 shares of the company’s stock worth $4,018,000 after purchasing an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 77.70% of the company’s stock.

A number of research analysts have commented on SYY shares. Pivotal Research reaffirmed a “sell” rating and set a $54.00 price target on shares of SYSCO in a research report on Friday, February 1st. Buckingham Research upped their target price on SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Loop Capital set a $75.00 target price on SYSCO and gave the stock a “buy” rating in a report on Tuesday, February 5th. Zacks Investment Research upgraded SYSCO from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Tuesday, March 19th. Finally, Morgan Stanley upped their price target on SYSCO from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. SYSCO currently has an average rating of “Hold” and a consensus target price of $74.46.

TRADEMARK VIOLATION NOTICE: This report was posted by Rockland Register and is owned by of Rockland Register. If you are reading this report on another publication, it was illegally copied and reposted in violation of US and international trademark & copyright laws. The original version of this report can be viewed at https://rocklandregister.com/2019/05/30/sysco-syy-announces-earnings-results-beats-expectations-by-0-09-eps.html.

SYSCO Company Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

Read More: What is the Ex-Dividend Date in Investing?

Earnings History for SYSCO (NYSE:SYY)

Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.