Synnex Corporation (SNX) Declares Quarterly Dividend of $0.30
Synnex Corporation (NYSE:SNX) announced a quarterly dividend on Tuesday, September 26th, Wall Street Journal reports. Shareholders of record on Friday, October 13th will be paid a dividend of 0.30 per share by the business services provider on Friday, October 27th. This represents a $1.20 annualized dividend and a yield of 1.03%. The ex-dividend date is Thursday, October 12th. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25.
Synnex Corporation has a dividend payout ratio of 11.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Synnex Corporation to earn $9.60 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 10.4%.
Synnex Corporation (NYSE SNX) traded up 7.91% during midday trading on Tuesday, hitting $125.71. 887,452 shares of the stock traded hands. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 18.04 and a beta of 1.05. Synnex Corporation has a one year low of $100.06 and a one year high of $131.35. The company has a 50-day moving average price of $116.16 and a 200 day moving average price of $114.82.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The business services provider reported $2.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.19. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. During the same period in the prior year, the firm posted $1.73 EPS. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. Equities research analysts anticipate that Synnex Corporation will post $8.40 earnings per share for the current year.
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In related news, COO Dennis Polk sold 1,500 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $120.12, for a total transaction of $180,180.00. Following the completion of the sale, the chief operating officer now owns 29,968 shares in the company, valued at approximately $3,599,756.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total transaction of $227,320.00. Following the sale, the chief executive officer now owns 142,311 shares of the company’s stock, valued at approximately $16,175,068.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,354 shares of company stock valued at $2,773,504. Company insiders own 3.20% of the company’s stock.
A number of equities research analysts have commented on SNX shares. Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Citigroup Inc. restated a “neutral” rating and issued a $133.00 target price (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. BidaskClub cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. ValuEngine cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $135.00 target price on shares of Synnex Corporation in a report on Monday, September 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Synnex Corporation currently has an average rating of “Buy” and an average price target of $132.13.
Synnex Corporation announced that its Board of Directors has approved a share buyback plan on Thursday, June 22nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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.
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