Massachusetts Financial Services Co. MA grew its holdings in Syneos Health Inc (NASDAQ:SYNH) by 18.0% during the third quarter, HoldingsChannel.com reports. The firm owned 586,935 shares of the company’s stock after acquiring an additional 89,618 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Syneos Health were worth $30,256,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. BB&T Corp increased its stake in Syneos Health by 26.7% in the third quarter. BB&T Corp now owns 6,602 shares of the company’s stock worth $341,000 after purchasing an additional 1,393 shares during the period. Louisiana State Employees Retirement System increased its stake in Syneos Health by 10.7% in the third quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the company’s stock worth $856,000 after purchasing an additional 1,600 shares during the period. Advisors Asset Management Inc. increased its stake in Syneos Health by 12.0% in the second quarter. Advisors Asset Management Inc. now owns 17,216 shares of the company’s stock worth $362,000 after purchasing an additional 1,841 shares during the period. Pendal Group Ltd increased its stake in Syneos Health by 4.8% in the second quarter. Pendal Group Ltd now owns 40,577 shares of the company’s stock worth $1,903,000 after purchasing an additional 1,848 shares during the period. Finally, First Manhattan Co. purchased a new stake in Syneos Health in the third quarter worth $103,000.
In other news, major shareholder H. Lee Equity Fund Vi Thomas sold 6,000,000 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $49.73, for a total transaction of $298,380,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.
SYNH opened at $46.50 on Friday. Syneos Health Inc has a 12-month low of $31.10 and a 12-month high of $59.45. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $4.78 billion, a PE ratio of 21.23, a PEG ratio of 1.10 and a beta of 0.94.
Syneos Health (NASDAQ:SYNH) last posted its quarterly earnings results on Thursday, August 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Syneos Health had a positive return on equity of 7.80% and a negative net margin of 4.32%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.09 billion. The business’s revenue was up 315.5% compared to the same quarter last year. On average, equities analysts expect that Syneos Health Inc will post 2.42 EPS for the current year.
A number of analysts have weighed in on the company. William Blair upgraded Syneos Health from a “market perform” rating to an “outperform” rating in a research note on Friday, October 19th. UBS Group assumed coverage on Syneos Health in a research note on Tuesday, October 9th. They issued a “buy” rating and a $60.00 target price on the stock. Evercore ISI assumed coverage on Syneos Health in a research note on Thursday, October 4th. They issued an “outperform” rating and a $58.00 target price on the stock. ValuEngine upgraded Syneos Health from a “sell” rating to a “hold” rating in a research note on Saturday, September 22nd. Finally, KeyCorp increased their target price on Syneos Health from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, August 10th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $53.91.
Syneos Health Company Profile
Syneos Health, Inc operates as an integrated biopharmaceutical solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers various clinical development services spanning Phase I to Phase IV, including full-service global studies, as well as unbundled service offerings, such as clinical monitoring, investigator recruitment, patient recruitment, data management, and study startup to assist customers with drug development process.
Further Reading: Balance Sheet
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