Sysco Corporation (SYY), headquartered in Houston, Texas, is a global leader in foodservice distribution. With a market cap of $37.63 billion, Sysco provides various food products, kitchen equipment, and related services to restaurants, healthcare facilities, and hospitality businesses worldwide. The company is set to release its Q1 earnings before the market opens on Tuesday, Oct. 29.
Ahead of the event, analysts expect SYY to report a profit of $1.14 per share, up 6.5% from $1.07 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in all of the last four quarters.
Its adjusted earnings of $1.39 per share for the last quarter surpassed the consensus estimate marginally. Sysco's Q4 results were driven by sales growth and robust U.S. and international performance.
For fiscal 2024, analysts expect SYY to report EPS of $4.60, up 6.7% from $4.31 in fiscal 2023.
SYY stock is up 3.3% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 21.9% gains and the Consumer Staples Select Sector SPDR Fund (XLP) 14.5% gain over the same time frame.
On Jul. 30, SYY shares closed up more than 4% after reporting its Q4 earnings results. The company’s revenue was $20.6 billion, beating Wall Street forecasts of $20.5 billion.
The consensus opinion on SYY stock is bullish, with an overall “Strong Buy” rating. Of 15 analysts covering the stock, 11 advise a “Strong Buy” rating, and four indicate a “Hold.”
SYY's average analyst price target is $85.58, suggesting a potential upside of 13.3% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
