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

Sysco Co. (NYSE:SYY) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Investors of record on Friday, April 4th will be paid a dividend of 0.51 per share on Friday, April 25th. This represents a $2.04 annualized dividend and a yield of 2.73%.

Sysco has increased its dividend by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 56 consecutive years. Sysco has a payout ratio of 41.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Up 0.6 %

SYY traded up $0.45 during trading hours on Thursday, hitting $74.68. 2,390,714 shares of the company’s stock were exchanged, compared to its average volume of 3,697,900. The stock has a market cap of $36.54 billion, a price-to-earnings ratio of 19.20, a PEG ratio of 1.88 and a beta of 1.17. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. The stock’s 50-day moving average is $73.72 and its two-hundred day moving average is $75.65. Sysco has a 1-year low of $69.03 and a 1-year high of $82.33.

Sysco (NYSE:SYY) last released 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 net margin of 2.40% and a return on equity of 106.30%. During the same quarter last year, the business earned $0.89 EPS. Sell-side analysts predict that Sysco will post 4.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Sysco

In other news, EVP Greg D. Bertrand sold 21,844 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $1,747,520.00. Following the transaction, the executive vice president now owns 60,581 shares of the company’s stock, valued at approximately $4,846,480. This represents a 26.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eve M. Mcfadden sold 6,499 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total value of $519,920.00. Following the sale, the senior vice president now directly owns 48,451 shares in the company, valued at approximately $3,876,080. The trade was a 11.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,370 shares of company stock valued at $5,965,519 in the last quarter. 0.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SYY shares. Barclays lowered their price target on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Melius Research upgraded shares of Sysco to a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered their price target on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Truist Financial decreased their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average price target 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.