Sysco (NYSE:SYY) Issues FY 2022 Earnings Guidance

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

NYSE:SYY traded up $1.36 during mid-day trading on Tuesday, hitting $85.90. The company’s stock had a trading volume of 88,169 shares, compared to its average volume of 2,737,514. Sysco has a fifty-two week low of $68.05 and a fifty-two week high of $91.53. The company has a current ratio of 1.24, a quick ratio of 0.72 and a debt-to-equity ratio of 8.03. The company has a market capitalization of $43.76 billion, a price-to-earnings ratio of 43.58, a P/E/G ratio of 2.38 and a beta of 1.14. The stock has a fifty day moving average of $83.66 and a 200-day moving average of $80.15.

Sysco (NYSE:SYYGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.17. Sysco had a net margin of 1.52% and a return on equity of 100.62%. The firm had revenue of $16.90 billion during the quarter, compared to analyst estimates of $15.99 billion. During the same quarter in the prior year, the business posted $0.22 earnings per share. The company’s quarterly revenue was up 42.9% compared to the same quarter last year. On average, equities analysts anticipate that Sysco will post 3.23 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Stockholders of record on Friday, July 1st will be paid a dividend of $0.49 per share. This is a boost from Sysco’s previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Thursday, June 30th. Sysco’s dividend payout ratio is 96.91%.

Several equities analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of Sysco from $83.00 to $90.00 and gave the company an overweight rating in a report on Friday, April 8th. Morgan Stanley increased their target price on shares of Sysco from $86.00 to $94.00 in a report on Wednesday, May 11th. Credit Suisse Group raised their price objective on shares of Sysco from $97.00 to $107.00 in a report on Wednesday, May 11th. Barclays raised their price objective on shares of Sysco from $90.00 to $100.00 and gave the stock an overweight rating in a report on Monday, April 25th. Finally, StockNews.com raised shares of Sysco from a buy rating to a strong-buy rating in a research report on Wednesday, May 11th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $92.89.

In other news, EVP Greg D. Bertrand sold 50,000 shares of the 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 completion of the sale, the executive vice president now owns 32,324 shares in the company, valued at $2,909,160. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin Hourican sold 75,018 shares of the stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $86.00, for a total transaction of $6,451,548.00. Following the completion of the sale, the chief executive officer now owns 88,477 shares of the company’s stock, valued at approximately $7,609,022. The disclosure for this sale can be found here. Insiders have sold a total of 221,427 shares of company stock worth $19,220,747 in the last quarter. 0.31% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in SYY. Charles Schwab Investment Management Inc. grew its position in Sysco by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,611,080 shares of the company’s stock valued at $213,195,000 after buying an additional 67,948 shares during the period. Eaton Vance Management grew its position in Sysco by 8.8% during the first quarter. Eaton Vance Management now owns 2,237,856 shares of the company’s stock valued at $182,720,000 after buying an additional 180,548 shares during the period. California State Teachers Retirement System grew its position in Sysco by 5.8% during the fourth quarter. California State Teachers Retirement System now owns 928,947 shares of the company’s stock valued at $72,969,000 after buying an additional 50,572 shares during the period. The Manufacturers Life Insurance Company grew its position in Sysco by 0.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 905,649 shares of the company’s stock valued at $71,140,000 after buying an additional 7,155 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in Sysco by 29.4% during the first quarter. Ensign Peak Advisors Inc now owns 897,521 shares of the company’s stock worth $73,284,000 after purchasing an additional 204,147 shares during the period. Institutional investors own 80.64% of the company’s stock.

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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