SYSCO Co. (NYSE:SYY) – Equities research analysts at Jefferies Financial Group cut their FY2019 earnings estimates for shares of SYSCO in a note issued to investors on Tuesday, June 4th, according to Zacks Investment Research. Jefferies Financial Group analyst C. Mandeville now expects that the company will earn $3.49 per share for the year, down from their previous forecast of $3.51. Jefferies Financial Group also issued estimates for SYSCO’s Q4 2019 earnings at $1.05 EPS, Q1 2020 earnings at $0.97 EPS, Q3 2020 earnings at $0.81 EPS, Q4 2020 earnings at $1.16 EPS and FY2020 earnings at $3.76 EPS.
SYY has been the topic of several other research reports. Buckingham Research raised their target price on shares of SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Zacks Investment Research upgraded shares of 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. Morgan Stanley raised their target price on shares of SYSCO from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Pivotal Research reiterated a “sell” rating and issued a $58.00 price target (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Finally, ValuEngine upgraded shares of SYSCO from a “hold” rating to a “buy” rating in a report on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $74.21.
SYSCO (NYSE:SYY) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.70 by $0.09. The firm had revenue of $14.66 billion for the quarter, compared to the consensus estimate of $14.78 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share.
Several institutional investors and hedge funds have recently bought and sold shares of SYY. Amundi Pioneer Asset Management Inc. raised its position in SYSCO by 12.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,014,260 shares of the company’s stock worth $67,711,000 after buying an additional 108,460 shares during the last quarter. FMR LLC grew its stake in shares of SYSCO by 29.4% during the 1st quarter. FMR LLC now owns 5,749,922 shares of the company’s stock valued at $383,865,000 after purchasing an additional 1,306,410 shares during the period. Horizon Investments LLC bought a new stake in shares of SYSCO during the 1st quarter valued at about $237,000. Advisory Services Network LLC grew its stake in shares of SYSCO by 2.5% during the 1st quarter. Advisory Services Network LLC now owns 24,716 shares of the company’s stock valued at $1,650,000 after purchasing an additional 601 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. grew its stake in shares of SYSCO by 0.4% during the 1st quarter. Lowe Brockenbrough & Co. Inc. now owns 60,187 shares of the company’s stock valued at $4,018,000 after purchasing an additional 261 shares during the period. 77.58% of the stock is owned by hedge funds and other institutional investors.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.21%. The ex-dividend date is Wednesday, July 3rd. SYSCO’s dividend payout ratio is currently 49.68%.
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.
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