Zacks: Brokerages Anticipate Sysco Co. (NYSE:SYY) Will Announce Quarterly Sales of $18.30 Billion

Wall Street analysts predict that Sysco Co. (NYSE:SYYGet Rating) will announce $18.30 billion in sales for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Sysco’s earnings. The highest sales estimate is $18.85 billion and the lowest is $17.87 billion. Sysco reported sales of $16.14 billion in the same quarter last year, which would suggest a positive year over year growth rate of 13.4%. The firm is expected to announce its next earnings report on Monday, January 1st.

On average, analysts expect that Sysco will report full-year sales of $68.00 billion for the current fiscal year, with estimates ranging from $67.55 billion to $68.53 billion. For the next year, analysts forecast that the business will post sales of $73.77 billion, with estimates ranging from $72.26 billion to $76.72 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Sysco.

Sysco (NYSE:SYYGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.17. The business had revenue of $16.90 billion for the quarter, compared to analyst estimates of $15.99 billion. Sysco had a net margin of 1.52% and a return on equity of 100.62%. Sysco’s revenue was up 42.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.22 earnings per share.

SYY has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 11th. CL King initiated coverage on shares of Sysco in a research report on Friday, March 11th. They set a “neutral” rating for the company. Credit Suisse Group upped their price objective on shares of Sysco from $97.00 to $107.00 in a report on Wednesday, May 11th. Barclays upped their price objective on shares of Sysco from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, April 25th. Finally, Piper Sandler boosted their price objective on Sysco from $83.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, April 8th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sysco currently has a consensus rating of “Buy” and an average price target of $94.00.

NYSE SYY opened at $84.25 on Monday. 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 firm’s fifty day moving average price is $84.19 and its two-hundred day moving average price is $80.51. Sysco has a 1 year low of $68.05 and a 1 year high of $91.53. The firm has a market capitalization of $42.92 billion, a P/E ratio of 43.43, a price-to-earnings-growth ratio of 2.37 and a beta of 1.15.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 2.33%. This is a boost from Sysco’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Thursday, June 30th. Sysco’s dividend payout ratio is presently 96.91%.

In related news, CEO Kevin Hourican sold 75,018 shares of the company’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $86.00, for a total value of $6,451,548.00. Following the transaction, the chief executive officer now directly owns 88,477 shares of the company’s stock, valued at approximately $7,609,022. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Greg D. Bertrand sold 50,000 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 32,324 shares in the company, valued at $2,909,160. The disclosure for this sale can be found here. Insiders sold a total of 126,318 shares of company stock worth $11,054,558 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC purchased a new stake in shares of Sysco during the 4th quarter worth about $25,000. CFS Investment Advisory Services LLC boosted its stake in shares of Sysco by 8,046.2% during the 1st quarter. CFS Investment Advisory Services LLC now owns 2,049,905 shares of the company’s stock worth $25,000 after acquiring an additional 2,024,741 shares in the last quarter. Allegheny Financial Group LTD purchased a new position in Sysco in the 4th quarter valued at about $31,000. KRS Capital Management LLC purchased a new position in Sysco in the 4th quarter valued at about $31,000. Finally, DeDora Capital Inc. purchased a new position in Sysco in the 1st quarter valued at about $31,000. 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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