Synnex Corporation (SNX) to Issue Quarterly Dividend of $0.35

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.

Synnex (NYSE:SNX) last announced its earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.69 by $0.10. Synnex had a net margin of 1.77% and a return on equity of 16.43%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the business earned $2.57 earnings per share. The company’s revenue for the quarter was up 36.7% compared to the same quarter last year. equities analysts expect that Synnex will post 10.42 EPS for the current fiscal year.

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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About Synnex

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.

Dividend History for Synnex (NYSE:SNX)

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