Sysco (NYSE:SYY) Updates FY 2022 Earnings Guidance

Sysco (NYSE:SYYGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.16-$3.26 for the period, compared to the consensus earnings per share estimate of $3.08. The company issued revenue guidance of -.

Shares of NYSE SYY traded up $6.58 during midday trading on Tuesday, reaching $87.66. 308,487 shares of the stock were exchanged, compared to its average volume of 2,590,991. The company has a 50 day simple moving average of $83.49 and a 200 day simple moving average of $79.89. The stock has a market capitalization of $44.94 billion, a P/E ratio of 57.72, a PEG ratio of 2.47 and a beta of 1.14. The company has a debt-to-equity ratio of 8.68, a quick ratio of 0.78 and a current ratio of 1.33. Sysco has a twelve month low of $68.05 and a twelve month high of $91.53.

Sysco (NYSE:SYYGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.16. The business had revenue of $16.90 billion during the quarter, compared to the consensus estimate of $15.99 billion. Sysco had a net margin of 1.29% and a return on equity of 82.36%. The business’s revenue was up 42.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 EPS. On average, research analysts expect that Sysco will post 3.04 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Investors of record on Friday, July 1st will be given a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, June 30th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from Sysco’s previous quarterly dividend of $0.47. Sysco’s dividend payout ratio (DPR) is presently 123.69%.

A number of equities analysts recently weighed in on the stock. CL King assumed coverage on shares of Sysco in a research report on Friday, March 11th. They set a neutral rating for the company. Piper Sandler raised their price target on shares of Sysco from $83.00 to $90.00 and gave the company an overweight rating in a research report on Friday, April 8th. StockNews.com assumed coverage on shares of Sysco in a research report on Thursday, March 31st. They issued a buy rating for the company. Morgan Stanley raised their price target on shares of Sysco from $85.00 to $86.00 and gave the company an equal weight rating in a research report on Wednesday, February 9th. Finally, Truist Financial began coverage on shares of Sysco in a research report on Tuesday, February 1st. They issued a buy rating and a $89.00 price target for the company. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Buy and a consensus price target of $89.88.

In other Sysco news, EVP Greg D. Bertrand sold 50,000 shares of the company’s stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $90.00, for a total value of $4,500,000.00. Following the sale, the executive vice president now owns 32,324 shares of the company’s stock, valued at $2,909,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James Chris Jasper sold 9,097 shares of the company’s stock in a transaction dated Wednesday, February 9th. The shares were sold at an average price of $83.00, for a total transaction of $755,051.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 236,400 shares of company stock worth $20,465,169. 0.31% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EP Wealth Advisors LLC raised its position in shares of Sysco by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 7,090 shares of the company’s stock valued at $557,000 after buying an additional 244 shares during the last quarter. Glenmede Trust Co. NA raised its position in shares of Sysco by 0.3% in the fourth quarter. Glenmede Trust Co. NA now owns 73,727 shares of the company’s stock valued at $5,791,000 after buying an additional 254 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Sysco in the fourth quarter valued at approximately $25,000. Horizon Investments LLC raised its position in shares of Sysco by 9.7% in the fourth quarter. Horizon Investments LLC now owns 3,742 shares of the company’s stock valued at $292,000 after buying an additional 331 shares during the last quarter. Finally, Covington Capital Management raised its position 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 during the last quarter. 80.64% of the stock is currently owned by institutional investors.

About Sysco (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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Earnings History and Estimates for Sysco (NYSE:SYY)

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