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Tuesday, May 19, 2009

Sysco(SYY) Declares 158th Consecutive Quarterly Dividend

Sysco Corporation (NYSE:SYY - Quote) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.24 per share, payable on July 24, 2009, to common shareholders of record at the close of business on July 2, 2009.

The ex-dividend date is June 30. The date you must own the share to collect this dividend.

With record sales of $37.5 billion, a 7.1% increase and record net earnings on $1.1 billion, a 13.1% increase (FY08), Sysco continues to be the global leader in the foodservice industry.

Sysco expected to earn 1.80 a share next year EPS, putting a fair P/E of 13.00, makes it a great buy at 23.40, however Sysco has $1.52 a share in cash as well. I placed my target at $28.00, as I do believe that they should be able to easily obtain the 1.80EPS they are aiming for. We are for sure not going to stop eating today, tommorow and anytime in the future.

Disclosure I am long shares of SYY in my Services Folio.

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