Kevin M. Murai Sells 2,000 Shares of Synnex Corporation (SNX) Stock
Synnex Corporation (NYSE:SNX) CEO Kevin M. Murai sold 2,000 shares of Synnex Corporation stock in a transaction on Tuesday, October 10th. The stock was 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 SEC, which is available at the SEC website.
Shares of Synnex Corporation (SNX) traded down 0.05% during midday trading on Thursday, reaching $132.42. The company had a trading volume of 125,941 shares. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 17.97 and a beta of 1.08. The company has a 50 day moving average of $119.86 and a 200 day moving average of $115.76. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $133.26.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. During the same quarter in the prior year, the company earned $1.73 earnings per share. Synnex Corporation’s revenue was up 16.5% on a year-over-year basis. Analysts anticipate that Synnex Corporation will post $8.76 EPS for the current year.
Synnex Corporation declared that its board has authorized a share repurchase plan on Thursday, June 22nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be issued a $0.30 dividend. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.20 dividend on an annualized basis and a yield of 0.90%. Synnex Corporation’s dividend payout ratio is currently 13.57%.
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A number of hedge funds have recently bought and sold shares of the business. FMR LLC lifted its holdings in Synnex Corporation by 5.7% in the second quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock valued at $670,236,000 after acquiring an additional 302,301 shares during the period. BlackRock Inc. lifted its holdings 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 valued at $409,198,000 after acquiring an additional 3,615,993 shares during the period. Vanguard Group Inc. raised its stake in shares of Synnex Corporation by 2.3% in the second 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. raised its stake in shares of Synnex Corporation by 13.3% in the second 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 raised its stake in shares of Synnex Corporation by 3.8% in the second 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. 71.23% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently commented on the company. Pivotal Research assumed coverage on Synnex Corporation in a research note on Friday, October 6th. They set a “hold” rating and a $137.00 target price on the stock. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Loop Capital lifted their target price on Synnex Corporation from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, September 26th. Citigroup Inc. lifted their target price on Synnex Corporation from $122.00 to $130.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 26th. Finally, Needham & Company LLC lifted their target price on Synnex Corporation from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Synnex Corporation has a consensus rating of “Buy” and an average price target of $135.13.
Synnex Corporation Company Profile
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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