Sysco Co. (NYSE:SYY) Increases Dividend to $0.49 Per Share

Sysco Co. (NYSE:SYYGet Rating) announced a quarterly dividend on Thursday, April 28th, RTT News reports. Shareholders of record on Friday, July 1st will be given a dividend of 0.49 per share on Friday, July 22nd. This represents a $1.96 dividend on an annualized basis and a yield of 2.22%. This is an increase from Sysco’s previous quarterly dividend of $0.47.

Sysco has increased its dividend by an average of 8.2% annually over the last three years and has increased its dividend annually for the last 53 consecutive years. Sysco has a dividend payout ratio of 45.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Sysco to earn $4.19 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 44.9%.

Sysco stock opened at $88.32 on Friday. The stock has a 50-day moving average of $83.65 and a two-hundred day moving average of $79.76. The company has a debt-to-equity ratio of 8.68, a quick ratio of 0.78 and a current ratio of 1.33. The stock has a market cap of $45.28 billion, a PE ratio of 58.11, a price-to-earnings-growth ratio of 2.57 and a beta of 1.26. Sysco has a one year low of $68.05 and a one year high of $91.53.

Sysco (NYSE:SYYGet Rating) last announced its quarterly earnings data on Tuesday, February 8th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.12). The firm had revenue of $16.32 billion during the quarter, compared to analyst estimates of $15.88 billion. Sysco had a net margin of 1.29% and a return on equity of 82.36%. The firm’s revenue for the quarter was up 41.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. As a group, sell-side analysts predict that Sysco will post 3.17 EPS for the current fiscal year.

In related news, CAO Anita A. Zielinski sold 3,611 shares of the company’s stock in a transaction that occurred on Wednesday, February 9th. The stock was sold at an average price of $84.00, for a total value of $303,324.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Greg D. Bertrand sold 500 shares of the firm’s stock in a transaction on Friday, March 11th. The stock was sold at an average price of $80.74, for a total value of $40,370.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,400 shares of company stock worth $20,465,169. Corporate insiders own 0.31% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Sysco during the 4th quarter worth approximately $25,000. First Community Trust NA purchased a new position in shares of Sysco during the fourth quarter worth $64,000. Covington Capital Management grew its stake in shares of Sysco by 66.1% in the fourth quarter. Covington Capital Management now owns 1,256 shares of the company’s stock valued at $99,000 after buying an additional 500 shares in the last quarter. Zullo Investment Group Inc. purchased a new stake in shares of Sysco in the 4th quarter valued at $157,000. Finally, Horizon Investments LLC lifted its stake in Sysco by 9.7% during the 4th quarter. Horizon Investments LLC now owns 3,742 shares of the company’s stock worth $292,000 after acquiring an additional 331 shares in the last quarter. 80.94% of the stock is currently owned by institutional investors and hedge funds.

Several analysts recently commented on SYY shares. Piper Sandler raised their target price on Sysco from $83.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 8th. Morgan Stanley increased their price target on Sysco from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 9th. Deutsche Bank Aktiengesellschaft started coverage on Sysco in a research report on Tuesday, January 4th. They set a “hold” rating and a $82.00 price target on the stock. StockNews.com started coverage on Sysco in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, CL King began coverage on Sysco in a research report on Friday, March 11th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Sysco has an average rating of “Buy” and a consensus price target of $89.88.

Sysco Company Profile (Get Rating)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products primarily 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.

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Dividend History for Sysco (NYSE:SYY)

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