Zacks: Synnex Corporation (SNX) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Synnex Corporation (NYSE:SNX) have earned a consensus broker rating score of 1.60 (Buy) from the five brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation, one has given a buy recommendation and three have assigned a strong buy recommendation to the company. Synnex Corporation’s rating score has declined by 60% in the last three months as a result of various analysts’ ratings changes.

Analysts have set a 12 month consensus price objective of $140.67 for the company and are forecasting that the company will post $2.68 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Synnex Corporation an industry rank of 77 out of 265 based on the ratings given to its competitors.

A number of research firms have recently commented on SNX. ValuEngine raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Citigroup Inc. lifted their price target on shares of Synnex Corporation from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Tuesday, September 26th. Needham & Company LLC lifted their price target on shares of Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. BidaskClub lowered shares of Synnex Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Loop Capital lifted their price target on shares of Synnex Corporation from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th.

Shares of Synnex Corporation (NYSE:SNX) traded up C$0.09 on Monday, reaching C$130.36. 273,700 shares of the company traded hands, compared to its average volume of 204,373. The company has a market capitalization of $5,209.86, a price-to-earnings ratio of 15.10 and a beta of 1.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.80 and a current ratio of 1.61. Synnex Corporation has a 52-week low of C$101.48 and a 52-week high of C$135.87.

Synnex Corporation (NYSE:SNX) last released its quarterly earnings results on Monday, September 25th. The company reported C$2.16 EPS for the quarter, beating the Zacks’ consensus estimate of C$1.97 by C$0.19. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The company had revenue of C$4.28 billion for the quarter, compared to analyst estimates of C$4 billion. During the same quarter last year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. research analysts expect that Synnex Corporation will post 8.79 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were paid a $0.30 dividend. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, October 12th. This represents a $1.20 annualized dividend and a dividend yield of 0.92%. Synnex Corporation’s dividend payout ratio (DPR) is presently 16.28%.

In other news, CFO Marshall Witt sold 300 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of C$127.09, for a total value of C$38,127.00. Following the sale, the chief financial officer now owns 20,200 shares in the company, valued at C$2,567,218. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of C$115.06, for a total transaction of C$172,590.00. Following the completion of the sale, the chief operating officer now owns 25,968 shares in the company, valued at approximately C$2,987,878.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,421 shares of company stock worth $1,301,145. 3.20% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. FMR LLC boosted its stake in Synnex Corporation by 5.7% during the second quarter. FMR LLC now owns 5,587,157 shares of the company’s stock worth $670,236,000 after buying an additional 302,301 shares in the last quarter. Vanguard Group Inc. boosted its stake in Synnex Corporation by 2.3% during the second quarter. Vanguard Group Inc. now owns 3,221,813 shares of the company’s stock worth $386,489,000 after buying an additional 71,317 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Synnex Corporation by 13.3% during the second quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the company’s stock worth $157,810,000 after buying an additional 154,174 shares in the last quarter. State Street Corp boosted its stake in Synnex Corporation by 3.8% during the second quarter. State Street Corp now owns 993,336 shares of the company’s stock worth $119,164,000 after buying an additional 36,210 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Synnex Corporation by 189.1% during the third quarter. Victory Capital Management Inc. now owns 439,603 shares of the company’s stock worth $55,614,000 after buying an additional 287,522 shares in the last quarter. Institutional investors and hedge funds own 71.89% of the company’s stock.

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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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