Synnex Corporation (NYSE:SNX) CEO Kevin M. Murai sold 2,000 shares of Synnex Corporation stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $130.37, for a total value of $260,740.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.19. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4 billion. During the same period last year, the company earned $1.73 EPS. Synnex Corporation’s revenue for the quarter was up 16.5% compared to the same quarter last year.
Synnex Corporation announced that its board has authorized a stock repurchase program on Thursday, June 22nd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 6.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.90%. This is a positive change from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, October 12th. Synnex Corporation’s dividend payout ratio (DPR) is presently 13.57%.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in Synnex Corporation by 5.7% in the 2nd quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock worth $670,236,000 after buying an additional 302,301 shares during the period. BlackRock Inc. lifted its holdings in Synnex Corporation by 9,152.6% in the 1st 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 period. Vanguard Group Inc. lifted its holdings in Synnex Corporation by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,221,813 shares of the business services provider’s stock worth $386,489,000 after buying an additional 71,317 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Synnex Corporation by 13.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock worth $157,810,000 after buying an additional 154,174 shares during the period. Finally, State Street Corp lifted its holdings in Synnex Corporation by 3.8% in the 2nd quarter. State Street Corp now owns 993,336 shares of the business services provider’s stock worth $119,164,000 after buying an additional 36,210 shares during the period. Institutional investors and hedge funds own 71.23% of the company’s stock.
A number of research analysts have issued reports on SNX shares. Citigroup Inc. reiterated a “neutral” rating and issued a $133.00 target price (up previously from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. Zacks Investment Research upgraded Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research report on Thursday, September 21st. ValuEngine cut Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 target price on shares of Synnex Corporation in a research report on Monday, September 18th. Finally, Loop Capital started coverage on Synnex Corporation in a research report on Thursday, August 24th. They issued a “buy” rating and a $140.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $135.13.
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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