Sysco (NYSE:SYY – Get Rating) posted its earnings results on Tuesday. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.03, Briefing.com reports. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $18.29 billion. Sysco had a return on equity of 100.62% and a net margin of 1.52%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.71 earnings per share. Sysco updated its FY23 guidance to $4.09-4.39 EPS and its FY 2023 guidance to $4.09-$4.39 EPS.
Sysco Stock Down 4.2 %
Shares of SYY traded down $3.67 during mid-day trading on Tuesday, hitting $83.07. 134,532 shares of the company’s stock were exchanged, compared to its average volume of 2,252,228. Sysco has a fifty-two week low of $68.05 and a fifty-two week high of $91.53. The stock’s 50-day moving average is $84.63 and its 200-day moving average is $83.41. The company has a debt-to-equity ratio of 8.03, a quick ratio of 0.72 and a current ratio of 1.24. The company has a market cap of $42.32 billion, a price-to-earnings ratio of 44.71, a P/E/G ratio of 2.22 and a beta of 1.02.
Insider Buying and Selling
In other Sysco news, CFO Aaron E. Alt bought 1,000 shares of Sysco stock in a transaction dated Tuesday, June 21st. The stock was acquired at an average cost of $80.09 per share, with a total value of $80,090.00. Following the completion of the acquisition, the chief financial officer now owns 14,220 shares of the company’s stock, valued at $1,138,879.80. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.31% of the company’s stock.
Institutional Inflows and Outflows
Analysts Set New Price Targets
A number of equities analysts have commented on SYY shares. Barclays lifted their price target on Sysco from $97.00 to $102.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Sysco from $82.00 to $84.00 in a research report on Wednesday, May 11th. JPMorgan Chase & Co. upgraded Sysco from a “neutral” rating to an “overweight” rating and set a $98.00 target price on the stock in a research report on Thursday, May 26th. Credit Suisse Group lifted their price objective on Sysco from $97.00 to $107.00 in a research report on Wednesday, May 11th. Finally, StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 14th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.88.
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.
- Get a free copy of the StockNews.com research report on Sysco (SYY)
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