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

Sysco Co. (NYSE:SYY) announced a quarterly dividend on Thursday, February 27th, RTT News reports. Investors 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 yield of 2.73%.

Sysco has raised its dividend payment 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 dividend payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings. Equities 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 %

SYY opened at $74.68 on Friday. The stock has a market capitalization of $36.54 billion, a P/E ratio of 19.20, a P/E/G ratio of 1.88 and a beta of 1.17. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco has a 12 month low of $69.03 and a 12 month high of $82.33. The firm’s fifty day simple moving average is $73.69 and its 200 day simple moving average is $75.64.

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

Insiders Place Their Bets

In other Sysco news, EVP Greg D. Bertrand sold 21,844 shares of the firm’s 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 in the company, valued at $4,846,480. This trade represents a 26.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eve M. Mcfadden sold 6,499 shares of the business’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 completion of the transaction, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at approximately $3,876,080. This trade represents a 11.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,370 shares of company stock valued at $5,965,519 over the last ninety days. 0.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SYY has been the topic of a number of research reports. Melius assumed coverage on shares of Sysco in a research report on Wednesday, December 18th. They issued a “hold” rating and a $85.00 price objective on the stock. 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 research report on Wednesday, January 29th. Guggenheim restated a “buy” rating and issued a $85.00 price objective on shares of Sysco in a report on Wednesday, January 29th. Melius Research raised Sysco to a “hold” rating in a research report on Wednesday, December 18th. Finally, Jefferies Financial Group increased their price target on Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Four investment 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.com, Sysco currently has an average rating of “Moderate Buy” and an average target price of $84.77.

Sysco Company Profile

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.