This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sysco to Buy Back 20M Shares, Lifts Dividend

NEW YORK ( TheStreet) -- Sysco (SYY - Get Report), the food distribution company, plans to buyback 20 million common shares and raise its dividend by a penny to 27 cents a share.

A previous repurchase program of 20 million shares from August 2010 has about 5.3 million shares remaining, Sysco said in a statement Wednesday.

Earlier this month, Sysco reported an 8.6% increase in first-quarter sales to $10.6 billion and a 0.6% increase in operating income to $509 million. Earnings of 51 cents a share were below analysts' views of 52 cents.

"While real sales growth over the past few quarters has been soft and SYY has had difficulty in passing through inflation, trends do not appear to be worsening despite a very challenging macro backdrop," Citi said in a recent analyst report.

The stock hit a recent low on Oct. 5 of $25.47, but has risen steadily since then. In trading Wednesday, shares were off 0.2% to $27.78.

-- Written by Alexandra Zendrian

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
SYY $37.93 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs