Sysco Corp. (NYSE:SYY) – Investment analysts at Jefferies Group upped their Q1 2017 earnings estimates for shares of Sysco Corp. in a research note issued on Friday. Jefferies Group analyst M. Wiltamuth now anticipates that the firm will post earnings of $0.62 per share for the quarter, up from their prior estimate of $0.61. Jefferies Group currently has a “Hold” rating and a $50.00 target price on the stock. Jefferies Group also issued estimates for Sysco Corp.’s Q4 2017 earnings at $0.69 EPS, FY2017 earnings at $2.33 EPS, Q1 2018 earnings at $0.68 EPS, Q2 2018 earnings at $0.56 EPS, Q3 2018 earnings at $0.58 EPS, Q4 2018 earnings at $0.79 EPS, FY2018 earnings at $2.61 EPS and FY2020 earnings at $3.05 EPS.
Other analysts also recently issued research reports about the company. Argus raised their price target on Sysco Corp. from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 19th. Bank of America Corp. set a $54.00 price target on Sysco Corp. and gave the stock a “hold” rating in a report on Saturday, September 17th. Vetr raised Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price target on the stock in a report on Monday, September 12th. Deutsche Bank AG started coverage on Sysco Corp. in a report on Monday, July 18th. They issued a “hold” rating and a $52.00 price target on the stock. Finally, BMO Capital Markets reissued a “hold” rating and issued a $52.00 price target on shares of Sysco Corp. in a report on Thursday, June 16th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.45.
Shares of Sysco Corp. (NYSE:SYY) opened at 48.92 on Monday. The stock has a 50 day moving average price of $51.01 and a 200 day moving average price of $49.64. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $53.97. The stock has a market capitalization of $27.16 billion, a P/E ratio of 29.83 and a beta of 0.52.
Sysco Corp. (NYSE:SYY) last posted its earnings results on Monday, August 15th. The company reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $13.65 billion for the quarter, compared to analyst estimates of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. Sysco Corp.’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share.
Several institutional investors have recently modified their holdings of the company. Trian Fund Management L.P. boosted its position in shares of Sysco Corp. by 1.6% in the second quarter. Trian Fund Management L.P. now owns 43,965,695 shares of the company’s stock worth $2,230,819,000 after buying an additional 693,744 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Sysco Corp. by 3.6% in the second quarter. Vanguard Group Inc. now owns 37,790,301 shares of the company’s stock worth $1,917,480,000 after buying an additional 1,324,659 shares during the last quarter. State Street Corp boosted its position in shares of Sysco Corp. by 1.3% in the first quarter. State Street Corp now owns 28,069,492 shares of the company’s stock worth $1,311,676,000 after buying an additional 350,534 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Sysco Corp. by 66.6% in the second quarter. Ameriprise Financial Inc. now owns 6,008,805 shares of the company’s stock worth $304,897,000 after buying an additional 2,402,928 shares during the last quarter. Finally, AJO LP boosted its position in shares of Sysco Corp. by 453.7% in the second quarter. AJO LP now owns 4,853,878 shares of the company’s stock worth $246,286,000 after buying an additional 3,977,304 shares during the last quarter. Institutional investors and hedge funds own 76.65% of the company’s stock.
In related news, CEO William J. Delaney III sold 20,114 shares of Sysco Corp. stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $49.51, for a total value of $995,844.14. Following the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $20,918,321.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William B. Day sold 75,000 shares of Sysco Corp. stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $51.53, for a total value of $3,864,750.00. Following the completion of the transaction, the insider now owns 201,283 shares in the company, valued at $10,372,112.99. The disclosure for this sale can be found here. 7.77% of the stock is owned by corporate insiders.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s payout ratio is 75.15%.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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