Synnex Corporation (NYSE:SNX) – Investment analysts at SunTrust Banks increased their FY2019 earnings estimates for Synnex in a report issued on Wednesday. SunTrust Banks analyst F. Atkins now expects that the business services provider will earn $11.22 per share for the year, up from their prior estimate of $9.80. SunTrust Banks currently has a “Buy” rating and a $145.00 price target on the stock.
Several other research firms also recently commented on SNX. Loop Capital raised their target price on Synnex from $1.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC raised their target price on Synnex from $145.00 to $151.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup restated a “neutral” rating and set a $150.00 target price on shares of Synnex in a research report on Wednesday. Pivotal Research restated a “hold” rating and set a $150.00 target price (up previously from $138.00) on shares of Synnex in a research report on Wednesday. Finally, Zacks Investment Research upgraded Synnex from a “hold” rating to a “buy” rating and set a $153.00 target price for the company in a research report on Saturday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $145.38.
Synnex (NYSE:SNX) last posted its earnings results on Tuesday, January 9th. The business services provider reported $2.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.69 by $0.10. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $4.85 billion. Synnex had a return on equity of 16.43% and a net margin of 1.77%. Synnex’s revenue was up 36.7% on a year-over-year basis. During the same quarter last year, the company earned $2.57 EPS.
A number of hedge funds have recently added to or reduced their stakes in SNX. Advisor Group Inc. increased its holdings in Synnex by 50.1% during the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock valued at $112,000 after purchasing an additional 310 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Synnex by 9.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after buying an additional 96 shares during the period. Affinity Wealth Management increased its stake in shares of Synnex by 1.9% in the 2nd quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock valued at $224,000 after buying an additional 34 shares during the period. Shelton Capital Management acquired a new stake in shares of Synnex in the 2nd quarter valued at $246,000. Finally, Riverhead Capital Management LLC increased its stake in shares of Synnex by 74.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock valued at $252,000 after buying an additional 898 shares during the period. 71.68% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Thomas S. Wurster sold 300 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $134.05, for a total transaction of $40,215.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $134.91, for a total value of $202,365.00. Following the sale, the chief operating officer now directly owns 21,874 shares of the company’s stock, valued at $2,951,021.34. The disclosure for this sale can be found here. Insiders have sold a total of 7,900 shares of company stock valued at $1,050,392 over the last ninety days. Insiders own 3.20% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 19th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.01%. This is a boost from Synnex’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, January 18th. Synnex’s dividend payout ratio (DPR) is currently 15.98%.
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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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