Synnex Corporation (NYSE:SNX) declared a quarterly dividend on Tuesday, January 9th, NASDAQ reports. Stockholders 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 dividend yield of 1.01%. The ex-dividend date is Thursday, January 18th. This is an increase from Synnex’s previous quarterly dividend of $0.30.
Synnex has increased 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 13.7% 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 $1.20 annual dividend with an expected future payout ratio of 10.7%.
Synnex (NYSE:SNX) opened at $137.97 on Friday. The firm has a market capitalization of $5,469.23, a P/E ratio of 18.40 and a beta of 1.08. The company has a current ratio of 1.42, a quick ratio of 0.80 and a debt-to-equity ratio of 0.50. Synnex has a 12-month low of $101.48 and a 12-month high of $141.94.
Synnex (NYSE:SNX) last released its earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.69 by $0.10. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $4.85 billion. Synnex had a return on equity of 16.43% and a net margin of 1.77%. The company’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.57 EPS. analysts forecast that Synnex will post 10.42 earnings per share for the current year.
Several brokerages have commented on SNX. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Synnex in a research report on Monday, September 18th. Zacks Investment Research raised Synnex from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a research report on Thursday, September 21st. Citigroup upped their price objective on Synnex from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Tuesday, September 26th. Loop Capital upped their price objective on Synnex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. Finally, ValuEngine raised Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $145.38.
In other Synnex news, Director Thomas S. Wurster sold 300 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $134.05, for a total value of $40,215.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $128.81, for a total value of $257,620.00. Following the completion of the sale, the chief executive officer now owns 144,125 shares of the company’s stock, valued at $18,564,741.25. The disclosure for this sale can be found here. Insiders sold a total of 7,900 shares of company stock worth $1,050,392 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.
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Synnex 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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