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Another Boring Dividend Stock - SYY
I took nibble at another income stock yesterday. Sysco, the food and restaurant supply company.
SYY is one of the 319 Mergent Dividend Achievers, meaning they have a long track record of annual dividend hikes. If I did the math correctly, the last 10-years' dividend hikes have all been double digit increases. Fundamentals are reasonable; forward PE of about 15, PEG of 1.22, and dividend yield of 3.2% with a 45% payout ratio. Today's close of 30.68 is near the middle of the 52-week price range.
SYY reported fiscal third quarter earnings of 0.40 a share yesterday, beating estimates by a penny. Revenue was up over the year ago quarter, but slightly below estimates. The market apparently liked the news and took the stock price up nearly 8.5%. Even my late-to-the-party small buy was up nearly 2% on the day.
I scanned through the earnings transcript and didn't see anything earth shattering. Just solid execution and a company on track to keep growing revenues in the high single digits and earnings in the low double digits.
SYY could be on track for big profits. Find the plan for buying this "boring" stock here.
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