HOUSTON - Sysco Corporation (NYSE:SYY), a global food distribution company, has declared an increase in its quarterly cash dividend from $0.50 to $0.51 per share, payable on July 26, 2024, to shareholders on record as of July 5, 2024. The increment, announced today, marks a continuation of Sysco's pattern of shareholder returns and sustains its status as a Dividend Aristocrat.
Kenny Cheung, Sysco’s executive vice president and chief financial officer, emphasized the company's commitment to its investors, stating the board's decision to raise the dividend reflects their dedication to delivering shareholder value. Additionally, Cheung revealed plans for a further annual dividend increase of $0.04 for the fiscal year 2025.
Sysco, known for its food service marketing and distribution, operates with over 72,000 employees through 334 facilities worldwide. The company supports a wide range of foodservice venues, including restaurants, healthcare, and educational facilities. For the fiscal year 2023 ending on July 1, Sysco reported sales exceeding $76 billion.
The company also highlighted its sustainability and diversity initiatives, directing interested parties to its latest reports available on its website. Sysco continues to encourage investors to follow its Investor Relations webpage and SEC filings for significant financial news, acknowledging that these channels may occasionally distribute material information.
The announcement is based on a press release statement from Sysco Corporation.
InvestingPro Insights
In light of Sysco Corporation's recent dividend increase, a peek at the company's financial health and market performance provides a broader context for investors. According to InvestingPro data, Sysco boasts a substantial market capitalization of $38.29 billion, underscoring its significant presence in the food distribution industry.
The company's P/E ratio stands at 18.67, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 16.1, suggesting a potentially attractive valuation relative to near-term earnings growth.
InvestingPro Tips for Sysco highlight the company's long-standing reliability in dividend payments, having raised its dividend for 8 consecutive years and maintained payments for 54 consecutive years.
These consistent increases reflect Sysco's commitment to shareholder returns, aligning with its recent dividend increment announcement. Moreover, Sysco is trading at a high Price / Book multiple of 15.96, which investors may weigh against the company's robust fundamentals, including its status as a prominent player in the Consumer Staples Distribution & Retail industry.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/SYY. These insights could further aid in making informed decisions about Sysco's stock. To access these expert insights, use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.