Synnex Corporation (NYSE:SNX) declared a quarterly dividend on Tuesday, September 26th, Wall Street Journal reports. Investors of record on Friday, October 13th will be paid a dividend of 0.30 per share by the business services provider on Friday, October 27th. This represents a $1.20 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Thursday, October 12th. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25.
Synnex Corporation has a payout ratio of 13.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Synnex Corporation to earn $9.56 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 12.6%.
Synnex Corporation (NYSE SNX) opened at 130.87 on Wednesday. Synnex Corporation has a 1-year low of $100.06 and a 1-year high of $131.85. The firm has a 50-day moving average of $119.36 and a 200-day moving average of $115.63. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 17.76 and a beta of 1.08.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.19. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. 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 firm earned $1.73 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. Equities research analysts anticipate that Synnex Corporation will post $8.76 EPS for the current year.
Several analysts have issued reports on SNX shares. Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Pivotal Research started coverage on shares of Synnex Corporation in a report on Friday, October 6th. They issued a “hold” rating and a $137.00 price target on the stock. Citigroup Inc. reaffirmed a “neutral” rating and issued a $133.00 price target (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. Needham & Company LLC upped their price target on shares of Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. Finally, BidaskClub downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $135.13.
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In related news, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $118.83, for a total transaction of $237,660.00. Following the transaction, the chief executive officer now owns 142,311 shares of the company’s stock, valued at $16,910,816.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Dennis Polk sold 3,416 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $119.47, for a total transaction of $408,109.52. Following the transaction, the chief operating officer now directly owns 28,468 shares in the company, valued at approximately $3,401,071.96. The disclosure for this sale can be found here. Insiders have sold 17,796 shares of company stock worth $2,135,669 in the last three months. Insiders own 3.20% of the company’s stock.
Synnex Corporation announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the business services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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