Market Update (NYSE:SYY): Sysco Delivers Strong Third Quarter Earnings

[GlobeNewswire] – Solid local case growth and expense management drives $60 million adjusted operating income improvement. HOUSTON, May 02, 2016– Sysco Corporation today announced financial results for its 13- week third … Read more on this. Sysco Corporation (SYY) , currently valued at $26.88B, opened this morning at $46.86. During today’s session, SYY traded between $46.79 to $47.74 with a one year range of $35.45 to $47.74. Priced at 23.27x this year’s forecasted earnings, SYY shares are relatively expensive compared to the industry’s 23.06x forward p/e ratio. And for passive income investors, the company pays shareholders $1.24 per share annually in dividends, yielding 2.69%. In a review of the consensus earnings estimate this quarter, 12 sell-side analysts are looking at $0.42 per share, which would be $0.02 better than the year-ago quarter and a $0.02 sequential increase. Investors should also note that the full-year EPS estimate of $1.98 is a $0.14 better when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $11.87 Billion. If reported, that would be a 1.02% increase over the year-ago quarter. In terms of ratings, Argus upgraded SYY from Hold to Buy (Feb 5, 2016). Previously, Morgan Stanley downgraded SYY from Equal-Weight to Underweight. With the above information in mind, readers should note that the average price target is $43.70, which is 6.74% below where the stock opened this morning. See more in (NYSE:SYY) Similar Articles: Stock Update: Sysco Corporation (NYSE:SYY) – Sysco Acquires Florida-Based North Star Seafood Company Update: Sysco Corporation (NYSE:SYY) – Sysco Reports Strong Local Case and Operating Income Growth and Delivers Diluted EPS of $0.48 Company Update: Sysco Corporation (NYSE:SYY) – Sysco to Release Second Quarter Fiscal 2016 Financial Results on February 1