Regentatlantic Capital LLC raised its position in shares of Synnex Corporation (NYSE:SNX) by 1.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,085 shares of the business services provider’s stock after buying an additional 30 shares during the period. Regentatlantic Capital LLC’s holdings in Synnex Corporation were worth $250,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in SNX. BlackRock Inc. increased its stake in Synnex Corporation by 9,152.6% in the first quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock worth $409,198,000 after buying an additional 3,615,993 shares during the last quarter. Vanguard Group Inc. increased its stake in Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after buying an additional 95,341 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Synnex Corporation by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,347 shares of the business services provider’s stock worth $130,001,000 after buying an additional 104,932 shares during the last quarter. State Street Corp increased its stake in Synnex Corporation by 1.8% in the first quarter. State Street Corp now owns 957,126 shares of the business services provider’s stock worth $107,135,000 after buying an additional 17,173 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Synnex Corporation by 2.3% in the first quarter. AQR Capital Management LLC now owns 914,248 shares of the business services provider’s stock worth $102,341,000 after buying an additional 20,828 shares during the last quarter. Institutional investors own 71.27% of the company’s stock.
Synnex Corporation (NYSE:SNX) traded down 0.72% during trading on Friday, hitting $114.40. 92,121 shares of the company were exchanged. The company has a 50-day moving average of $119.11 and a 200-day moving average of $115.45. Synnex Corporation has a 12 month low of $100.06 and a 12 month high of $131.35. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 16.42 and a beta of 1.04.
Synnex Corporation announced that its board has initiated a share repurchase plan on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio is presently 14.35%.
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Several analysts have recently weighed in on SNX shares. BidaskClub cut shares of Synnex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Citigroup Inc. dropped their price target on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, June 9th. Raymond James Financial, Inc. raised shares of Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 price target for the company in a research note on Friday, May 19th. Stifel Nicolaus reissued a “buy” rating and issued a $128.00 price target (up previously from $120.00) on shares of Synnex Corporation in a research note on Friday, June 9th. Finally, Zacks Investment Research cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Synnex Corporation presently has a consensus rating of “Hold” and an average target price of $126.67.
In related news, SVP Simon Leung sold 856 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $112.37, for a total value of $96,188.72. Following the completion of the sale, the senior vice president now directly owns 27,078 shares in the company, valued at $3,042,754.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Peter Larocque sold 4,265 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $119.08, for a total transaction of $507,876.20. Following the completion of the sale, the insider now owns 14,958 shares of the company’s stock, valued at $1,781,198.64. The disclosure for this sale can be found here. In the last three months, insiders sold 27,028 shares of company stock valued at $3,226,618. Company insiders own 3.20% of the company’s stock.
About Synnex Corporation
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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