Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Sysco Corporation (SYY) is the largest global distributor of food and related products to over 625,000 foodservice locations, including restaurants, healthcare and educational facilities, lodging establishments, and other customers.
The company generated 71% of its revenue from U.S. Foodservice Operations, 15% of its revenue from International Foodservice Operations, and the remainder from SYGMA and other sources during the quarter ended March 27, 2021. Its most prominent product categories included fresh and frozen meats (19%), canned and dry products (18%), and frozen fruits, vegetables, bakery, and other products (14%).
Sysco reported fiscal third quarter revenue that fell 13.9% to $11.8 billion, missing consensus estimates by $170 million, along with non-GAAP earnings of $0.22, beating consensus estimates by two cents.
At the same time, Campbell Soup Co. lowered its profit forecast earlier this month, saying that it doesn’t expect to pass on all of its cost inflation to consumers. The move sparked some analysts to warn that the packaged food industry could see margin pressure over the near term.
The company raised its quarterly dividend by 4.4% to $0.47 per share, representing a 2.47% forward yield. The dividend is payable on July 23, 2021 to shareholders on record as of July 2, 2021. The company also announced a new $5 billion share repurchase program last month.
Want to keep track of all dividend increases? Subscribe to Dividend.com and have complete access to our exclusive dividend increases list here.