Synnex Corporation (NYSE:SNX) announced a quarterly dividend on Tuesday, January 9th, NASDAQ reports. Investors of record on Friday, January 19th will be given a dividend of 0.35 per share by the business services provider on Wednesday, January 31st. This represents a $1.40 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Thursday, January 18th. This is a positive change from Synnex’s previous quarterly dividend of $0.30.
Synnex has raised its dividend by an average of 103.3% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Synnex has a payout ratio of 13.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Synnex to earn $11.20 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 12.5%.
Shares of Synnex (NYSE SNX) traded down $2.23 during midday trading on Wednesday, hitting $135.74. 214,400 shares of the stock traded hands, compared to its average volume of 291,910. Synnex has a 1-year low of $101.48 and a 1-year high of $141.94. The firm has a market capitalization of $5,400.00, a price-to-earnings ratio of 18.07 and a beta of 1.08. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.
Several analysts have recently issued reports on SNX shares. Zacks Investment Research upgraded shares of Synnex from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research report on Thursday, September 21st. Needham & Company LLC boosted their price target on shares of Synnex from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Citigroup boosted their price target on shares of Synnex from $122.00 to $130.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 26th. Loop Capital boosted their price target on shares of Synnex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Finally, ValuEngine upgraded shares of Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $145.38.
In other Synnex news, CEO Kevin M. Murai sold 2,000 shares of Synnex stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $128.81, for a total transaction of $257,620.00. Following the transaction, the chief executive officer now directly owns 144,125 shares of the company’s stock, valued at $18,564,741.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea M. Zulberti sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $137.91, for a total transaction of $206,865.00. Following the completion of the sale, the director now directly owns 13,922 shares in the company, valued at $1,919,983.02. The disclosure for this sale can be found here. Insiders have sold 9,400 shares of company stock worth $1,257,257 over the last ninety days. 3.20% of the stock is owned by insiders.
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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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