Zacks: Analysts Expect Synnex Corporation (SNX) to Announce $1.99 EPS
Wall Street brokerages expect Synnex Corporation (NYSE:SNX) to announce earnings per share of $1.99 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Synnex Corporation’s earnings, with the highest EPS estimate coming in at $1.99 and the lowest estimate coming in at $1.98. Synnex Corporation posted earnings per share of $1.73 in the same quarter last year, which indicates a positive year-over-year growth rate of 15%. The business is scheduled to issue its next quarterly earnings report on Monday, September 25th.
According to Zacks, analysts expect that Synnex Corporation will report full-year earnings of $8.44 per share for the current fiscal year, with EPS estimates ranging from $8.30 to $8.57. For the next financial year, analysts expect that the business will post earnings of $8.92 per share, with EPS estimates ranging from $8.84 to $9.00. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Synnex Corporation.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the business posted $1.37 EPS. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year.
A number of research analysts have weighed in on SNX shares. Stifel Nicolaus raised Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Wednesday, April 12th. They noted that the move was a valuation call. BidaskClub raised Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Citigroup Inc. reissued a “neutral” rating and issued a $133.00 target price (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. Finally, Raymond James Financial, Inc. raised Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a report on Friday, May 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $126.67.
In other news, SVP Simon Leung sold 856 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $112.37, for a total value of $96,188.72. Following the transaction, the senior vice president now owns 27,078 shares of the company’s stock, valued at $3,042,754.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $111.51, for a total value of $167,265.00. Following the completion of the transaction, the chief operating officer now directly owns 35,468 shares in the company, valued at approximately $3,955,036.68. The disclosure for this sale can be found here. Insiders sold 25,028 shares of company stock worth $2,988,958 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE increased its position in Synnex Corporation by 34.3% in the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock valued at $124,000 after buying an additional 284 shares during the period. PNC Financial Services Group Inc. increased its position in Synnex Corporation by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock valued at $147,000 after buying an additional 106 shares during the period. Invictus RG bought a new position in Synnex Corporation during the first quarter valued at approximately $196,000. Ronald Blue & Co. LLC bought a new position in Synnex Corporation during the second quarter valued at approximately $203,000. Finally, Affinity Wealth Management bought a new position in Synnex Corporation during the first quarter valued at approximately $205,000. 70.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synnex Corporation (NYSE SNX) opened at 119.55 on Tuesday. The company has a 50-day moving average price of $120.39 and a 200-day moving average price of $115.66. Synnex Corporation has a 52 week low of $99.75 and a 52 week high of $131.35. The company has a market capitalization of $4.77 billion, a PE ratio of 17.16 and a beta of 1.04.
Synnex Corporation declared that its board has approved a stock repurchase program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.84%. The ex-dividend date was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio (DPR) is currently 14.35%.
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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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