Phocas Financial Corp. cut its holdings in Syneos Health Inc (NASDAQ:SYNH) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,423 shares of the company’s stock after selling 1,016 shares during the quarter. Phocas Financial Corp. owned 0.12% of Syneos Health worth $5,742,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the stock. PNC Financial Services Group Inc. purchased a new stake in Syneos Health during the first quarter worth $111,000. Group One Trading L.P. purchased a new stake in shares of Syneos Health in the first quarter valued at $118,000. Envestnet Asset Management Inc. purchased a new stake in shares of Syneos Health in the first quarter valued at $124,000. First Trust Advisors LP purchased a new stake in shares of Syneos Health in the second quarter valued at $241,000. Finally, BB&T Corp purchased a new stake in shares of Syneos Health in the second quarter valued at $244,000.
In other news, major shareholder H. Lee Equity Fund Vi Thomas sold 6,000,000 shares of the company’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $49.73, for a total value of $298,380,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.
Syneos Health (NASDAQ:SYNH) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.01. Syneos Health had a positive return on equity of 7.80% and a negative net margin of 4.32%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.09 billion. Syneos Health’s quarterly revenue was up 315.5% compared to the same quarter last year. As a group, research analysts anticipate that Syneos Health Inc will post 2.42 earnings per share for the current year.
Several analysts have recently issued reports on SYNH shares. ValuEngine upgraded Syneos Health from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Barclays restated a “hold” rating and issued a $51.00 price objective (up from $43.00) on shares of Syneos Health in a research report on Friday, August 3rd. SunTrust Banks reiterated a “buy” rating and issued a $60.00 target price on shares of Syneos Health in a research note on Friday, August 3rd. Mizuho reiterated a “hold” rating and issued a $51.00 target price on shares of Syneos Health in a research note on Monday, August 6th. Finally, KeyCorp upped their target price on Syneos Health from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, August 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Syneos Health presently has an average rating of “Buy” and an average target price of $53.91.
About Syneos Health
Syneos Health, Inc operates as an integrated biopharmaceutical solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers various clinical development services spanning Phase I to Phase IV, including full-service global studies, as well as unbundled service offerings, such as clinical monitoring, investigator recruitment, patient recruitment, data management, and study startup to assist customers with drug development process.
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