Piper Sandler Comments on Sysco Co.’s Q3 2022 Earnings (NYSE:SYY)

Sysco Co. (NYSE:SYY) – Analysts at Piper Sandler raised their Q3 2022 earnings per share (EPS) estimates for shares of Sysco in a research report issued on Sunday, June 6th. Piper Sandler analyst N. Regan now forecasts that the company will earn $0.84 per share for the quarter, up from their prior estimate of $0.83. Piper Sandler has a “Overweight” rating and a $86.00 price objective on the stock.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The firm had revenue of $11.82 billion for the quarter, compared to analysts’ expectations of $12.02 billion. Sysco had a positive return on equity of 17.14% and a negative net margin of 0.56%. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share.

SYY has been the topic of a number of other research reports. Morgan Stanley raised their target price on shares of Sysco from $88.00 to $89.00 and gave the stock an “equal weight” rating in a report on Monday, May 24th. Barclays boosted their price objective on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, May 21st. JPMorgan Chase & Co. increased their target price on Sysco from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, April 12th. They noted that the move was a valuation call. Finally, Wells Fargo & Company boosted their price target on shares of Sysco from $89.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, April 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Sysco has a consensus rating of “Hold” and a consensus target price of $85.38.

NYSE SYY opened at $78.93 on Wednesday. The company has a debt-to-equity ratio of 8.41, a current ratio of 1.65 and a quick ratio of 1.19. Sysco has a one year low of $50.03 and a one year high of $86.73. The firm has a 50-day simple moving average of $81.71. The firm has a market cap of $40.38 billion, a price-to-earnings ratio of -157.86, a PEG ratio of 5.59 and a beta of 1.44.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 23rd. Investors of record on Friday, July 2nd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, July 1st. This is a positive change from Sysco’s previous quarterly dividend of $0.45. Sysco’s dividend payout ratio (DPR) is currently 89.55%.

In related news, Director Joshua D. Frank sold 357,884 shares of the firm’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $81.08, for a total transaction of $29,017,234.72. Following the completion of the sale, the director now directly owns 4,840 shares in the company, valued at $392,427.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joshua D. Frank sold 650,000 shares of Sysco stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $79.56, for a total transaction of $51,714,000.00. Following the completion of the transaction, the director now owns 4,840 shares in the company, valued at approximately $385,070.40. The disclosure for this sale can be found here. Insiders sold 1,167,884 shares of company stock valued at $93,808,035 over the last 90 days. 5.17% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYY. Core Wealth Advisors Inc. acquired a new stake in shares of Sysco during the fourth quarter worth $26,000. Piscataqua Savings Bank acquired a new stake in Sysco during the 1st quarter worth about $26,000. tru Independence LLC purchased a new stake in Sysco during the fourth quarter valued at about $31,000. SOA Wealth Advisors LLC. acquired a new position in shares of Sysco in the fourth quarter worth about $31,000. Finally, Bogart Wealth LLC purchased a new position in shares of Sysco in the first quarter worth approximately $31,000. 79.37% of the stock is owned by institutional investors and hedge funds.

Sysco Company Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of 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 three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Earnings History and Estimates for Sysco (NYSE:SYY)

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