Sysco Co. (NYSE:SYY) Announces $0.51 Quarterly Dividend

Sysco Co. (NYSE:SYY) announced a quarterly dividend on Thursday, February 27th, RTT News reports. Stockholders of record on Friday, April 4th will be given a dividend of 0.51 per share on Friday, April 25th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Friday, April 4th.

Sysco has raised its dividend payment by an average of 3.0% annually over the last three years and has increased its dividend every year for the last 56 years. Sysco has a dividend payout ratio of 41.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sysco to earn $4.94 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 41.3%.

Sysco Trading Up 0.6 %

NYSE:SYY opened at $75.46 on Wednesday. The firm has a market capitalization of $36.91 billion, a P/E ratio of 19.40, a PEG ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. Sysco has a one year low of $69.03 and a one year high of $82.23. The company’s 50-day simple moving average is $73.07 and its 200 day simple moving average is $75.10.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the previous year, the company posted $0.89 EPS. As a group, analysts forecast that Sysco will post 4.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the transaction, the executive vice president now owns 56,304 shares of the company’s stock, valued at $4,335,408. This trade represents a 46.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Jefferies Financial Group increased their price objective on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Truist Financial cut their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Barclays lowered their price objective on Sysco from $93.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 29th. UBS Group reduced their target price on Sysco from $87.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, Melius began coverage on Sysco in a report on Wednesday, December 18th. They set a “hold” rating and a $85.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sysco has an average rating of “Moderate Buy” and an average target price of $84.77.

About Sysco

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