Sysco (NYSE:SYY) Posts Earnings Results, Beats Estimates By $0.03 EPS

Sysco (NYSE:SYYGet 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

Several large investors have recently modified their holdings of the stock. Brinker Capital Investments LLC increased its stake in Sysco by 3.2% during the 1st quarter. Brinker Capital Investments LLC now owns 3,851 shares of the company’s stock worth $314,000 after buying an additional 121 shares during the period. Geller Advisors LLC lifted its holdings in Sysco by 4.2% in the first quarter. Geller Advisors LLC now owns 3,362 shares of the company’s stock worth $276,000 after purchasing an additional 136 shares during the period. Renaissance Group LLC grew its stake in shares of Sysco by 1.7% in the 1st quarter. Renaissance Group LLC now owns 12,807 shares of the company’s stock worth $1,046,000 after purchasing an additional 220 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Sysco by 54.8% in the first quarter. Parkside Financial Bank & Trust now owns 833 shares of the company’s stock worth $68,000 after acquiring an additional 295 shares in the last quarter. Finally, Fort Point Capital Partners LLC lifted its position in shares of Sysco by 7.9% in the first quarter. Fort Point Capital Partners LLC now owns 4,094 shares of the company’s stock worth $334,000 after purchasing an additional 300 shares in the last quarter. 80.64% of the stock is currently owned by hedge funds and other institutional investors.

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.

About Sysco

(Get Rating)

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.

Further Reading

Earnings History for Sysco (NYSE:SYY)

Receive News & Ratings for Sysco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco and related companies with MarketBeat.com's FREE daily email newsletter.