Bank of America Corp DE raised its stake in shares of Synnex Corporation (NYSE:SNX) by 16.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 157,125 shares of the business services provider’s stock after buying an additional 22,525 shares during the period. Bank of America Corp DE owned 0.39% of Synnex Corporation worth $17,589,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of SNX. BlackRock Inc. boosted its stake 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 buying an additional 3,615,993 shares during the period. Vanguard Group Inc. boosted its stake in Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock valued at $352,667,000 after buying an additional 95,341 shares during the period. Norges Bank purchased a new stake in Synnex Corporation during the fourth quarter valued at about $56,714,000. Bank of New York Mellon Corp boosted its stake in Synnex Corporation by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 379,550 shares of the business services provider’s stock valued at $42,487,000 after buying an additional 19,161 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Synnex Corporation by 11.3% in the first quarter. Geode Capital Management LLC now owns 310,581 shares of the business services provider’s stock valued at $34,766,000 after buying an additional 31,500 shares during the period. 71.74% of the stock is owned by institutional investors.
Shares of Synnex Corporation (SNX) opened at 119.25 on Wednesday. The company has a 50-day moving average of $115.14 and a 200-day moving average of $116.31. The stock has a market capitalization of $4.76 billion, a PE ratio of 17.11 and a beta of 1.05. Synnex Corporation has a 12 month low of $93.78 and a 12 month high of $131.35.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same period in the prior year, the firm posted $1.37 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts expect that Synnex Corporation will post $8.41 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.84%. Synnex Corporation’s dividend payout ratio (DPR) is 14.35%.
Several equities research analysts have recently issued reports on SNX shares. Raymond James Financial, Inc. raised shares of Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a research report on Friday, May 19th. Zacks Investment Research cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, March 15th. Stifel Nicolaus raised shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Wednesday, April 12th. They noted that the move was a valuation call. Citigroup Inc. reaffirmed a “neutral” rating and set a $133.00 price objective (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. Finally, BidaskClub raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Synnex Corporation has an average rating of “Buy” and an average price target of $126.00.
In other news, Director Andrea M. Zulberti sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $126.00, for a total value of $315,000.00. Following the transaction, the director now directly owns 14,922 shares in the company, valued at approximately $1,880,172. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Simon Leung sold 971 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $108.78, for a total transaction of $105,625.38. Following the completion of the transaction, the senior vice president now owns 28,078 shares in the company, valued at $3,054,324.84. The disclosure for this sale can be found here. Insiders have sold a total of 18,324 shares of company stock worth $2,136,133 over the last quarter. 3.20% of the stock is currently owned by insiders.
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.
Receive News & Ratings for Synnex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synnex Corporation and related companies with our FREE daily email newsletter.