PNC Financial Services Group Inc. Buys 106 Shares of Synnex Corporation (SNX)

Modesto Morganelli
Agosto 12, 2017

Analysts expect Synnex Corporation (NYSE:SNX) to post $4.01 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Alpha Windward LLC now owns 4,080 shares of the business services provider's stock worth $457,000 after buying an additional 60 shares during the last quarter.

In other news, COO Dennis Polk sold 3,416 shares of the company's stock in a transaction on Tuesday, August 1st.

Hennessy Advisors Inc holds 1.38% of its portfolio in SYNNEX Corporation for 383,200 shares. Its stake was worth $269,186,000 a decrease of $1,425,000 as of quarter end.

Dimensional Fund Advisors Lp reports that it sold 173,564 shares last quarter decreasing its holdings in Synnex Corporation by 7.2%. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider's stock valued at $352,667,000 after buying an additional 95,341 shares during the period. Jane Street Group LLC acquired a new position in Synnex Corporation during the first quarter worth about $228,000. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Synnex Corporation by 174.2% in the first quarter. Citadel Advisors LLC now owns 269,111 shares valued at $32,283,000. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Synnex Corporation by 0.4% in the first quarter.

Shares of Synnex Corporation (NYSE SNX) traded down 0.10% during mid-day trading on Friday, hitting $116.29. The stock's 50 day moving average is $120.39 and its 200-day moving average is $115.61. The company has market cap of $4.74 billion. Macy's Inc. has $139.0 highest and $2400 lowest target.

The stock of SYNNEX Corporation (NYSE:SNX) earned "Buy" rating by Brean Capital on Friday, September 25. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $1.79 by $0.29. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The business's revenue for the quarter was up 16.5% on a year-over-year basis. Insiders have sold a total of 27,028 shares of company stock valued at $3,226,618 in the last three months. On average, equities research analysts predict that Synnex Corporation will post $8.41 EPS for the current year.

Synnex Corporation declared that its board has initiated a share buyback plan on Thursday, June 22nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the business services provider to buy up to 6.2% of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend was Wednesday, July 12th. Synnex Corporation's dividend payout ratio (DPR) is now 14.35%.

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SNX has been the subject of several recent research reports. Finally, State Treasurer State of MI boosted its position in Synnex Corporation by 0.9% in the first quarter. Zacks Investment Research cut Synnex Corporation from a "buy" rating to a "hold" rating in a research report on Tuesday, May 30th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $132.00 price objective on shares of Synnex Corporation in a report on Thursday, August 3rd.

On May 19 the company was upgraded from "Outperform" to "Strong Buy" by Raymond James. The company now has an average rating of Hold and a consensus target price of $126.67. Nationwide Fund Advisors expanded its ownership by buying 69 shares an increase of 0.1%. The stock was sold at an average price of $125.00, for a total value of $39,750.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. MURAI KEVIN M sold $217,360 worth of SYNNEX Corporation (NYSE:SNX) on Tuesday, May 9. The shares were sold at an average price of $112.37, for a total transaction of $96,188.72. Following the sale, the chief executive officer now owns 142,311 shares of the company's stock, valued at $16,910,816.13. Simon Leung, Sr VP disclosed the sale of 759 shares of SNX stock. Following the transaction, the senior vice president now owns 27,078 shares in the company, valued at $3,042,754.86. The Business's Concentrix segment offers a portfolio of solutions and end-to-end business services focused on customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation.

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