SYSCO Co. (NYSE:SYY) Plans Quarterly Dividend of $0.45

SYSCO Co. (NYSE:SYY) declared a quarterly dividend on Friday, May 22nd, Zacks reports. Stockholders of record on Thursday, July 2nd will be paid a dividend of 0.45 per share on Friday, July 24th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Wednesday, July 1st.

SYSCO has increased its dividend payment by an average of 940.0% annually over the last three years and has increased its dividend every year for the last 49 years. SYSCO has a dividend payout ratio of 75.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect SYSCO to earn $2.28 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 78.9%.

NYSE SYY opened at $54.42 on Tuesday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.93 and a current ratio of 1.49. The firm’s 50 day moving average price is $54.42 and its 200-day moving average price is $63.91. SYSCO has a 52-week low of $26.00 and a 52-week high of $85.98. The company has a market cap of $26.55 billion, a PE ratio of 20.69, a P/E/G ratio of 2.41 and a beta of 1.13.

SYSCO (NYSE:SYY) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.08). SYSCO had a net margin of 2.30% and a return on equity of 73.70%. The business had revenue of $13.70 billion for the quarter, compared to the consensus estimate of $14.04 billion. During the same quarter in the prior year, the business posted $0.79 earnings per share. SYSCO’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, analysts forecast that SYSCO will post 1.97 earnings per share for the current fiscal year.

A number of research firms have recently issued reports on SYY. Credit Suisse Group dropped their price objective on shares of SYSCO from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 6th. Wells Fargo & Co upgraded shares of SYSCO from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $50.00 to $70.00 in a research note on Friday, June 5th. Piper Sandler upgraded shares of SYSCO from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $58.00 to $64.00 in a research note on Monday, June 1st. Zacks Investment Research downgraded shares of SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price objective on the stock. in a research note on Saturday, May 2nd. Finally, BMO Capital Markets downgraded shares of SYSCO from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $88.00 to $51.00 in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $69.56.

In related news, Director Joshua D. Frank purchased 600,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was acquired at an average price of $47.42 per share, with a total value of $28,452,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Trian Fund Management, L.P. purchased 703,700 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was bought at an average cost of $51.38 per share, with a total value of $36,156,106.00. The disclosure for this purchase can be found here. 5.24% of the stock is owned by company insiders.

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.

Further Reading: Total Return

Dividend History for SYSCO (NYSE:SYY)

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