SYNNEX Co. (NYSE:SNX) Announces Dividend Increase – $0.30 Per Share

SYNNEX Co. (NYSE:SNX) announced a quarterly dividend on Tuesday, January 11th, Zacks reports. Shareholders of record on Friday, January 21st will be given a dividend of 0.30 per share by the business services provider on Friday, January 28th. This represents a $1.20 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Thursday, January 20th. This is a positive change from SYNNEX’s previous quarterly dividend of $0.20.

SYNNEX has decreased its dividend payment by 42.9% over the last three years and has raised its dividend annually for the last 1 consecutive years. SYNNEX has a payout ratio of 7.0% indicating that its dividend is sufficiently covered by earnings.

SNX opened at $108.41 on Thursday. The firm has a market capitalization of $10.41 billion, a P/E ratio of 11.51, a price-to-earnings-growth ratio of 1.03 and a beta of 1.71. The stock’s 50 day moving average price is $110.84 and its two-hundred day moving average price is $114.34. The company has a quick ratio of 1.68, a current ratio of 1.25 and a debt-to-equity ratio of 0.50. SYNNEX has a 12-month low of $80.36 and a 12-month high of $130.93.

SYNNEX (NYSE:SNX) last released its earnings results on Monday, January 10th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.18. SYNNEX had a return on equity of 15.61% and a net margin of 1.25%. The firm had revenue of $15.61 billion for the quarter, compared to analyst estimates of $15.52 billion. During the same quarter last year, the firm posted $5.21 EPS. The company’s revenue was up 110.6% on a year-over-year basis. As a group, analysts anticipate that SYNNEX will post 10.1 earnings per share for the current year.

In other SYNNEX news, insider Dennis Polk sold 1,300 shares of the business’s stock in a transaction dated Wednesday, December 1st. The stock was sold at an average price of $104.28, for a total value of $135,564.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ann F. Vezina sold 1,055 shares of the business’s stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $104.89, for a total value of $110,658.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,655 shares of company stock valued at $385,089. 3.00% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the company. Jane Street Group LLC raised its holdings in SYNNEX by 1,930.2% during the third quarter. Jane Street Group LLC now owns 4,710 shares of the business services provider’s stock worth $490,000 after acquiring an additional 4,478 shares in the last quarter. Millennium Management LLC raised its holdings in SYNNEX by 6.9% during the third quarter. Millennium Management LLC now owns 6,610 shares of the business services provider’s stock worth $688,000 after acquiring an additional 425 shares in the last quarter. Finally, Morgan Stanley raised its holdings in SYNNEX by 125.3% during the second quarter. Morgan Stanley now owns 145,561 shares of the business services provider’s stock worth $17,723,000 after acquiring an additional 80,957 shares in the last quarter. Institutional investors own 86.13% of the company’s stock.

A number of analysts have commented on the company. Barrington Research reduced their price objective on SYNNEX from $140.00 to $128.00 and set an “outperform” rating for the company in a research report on Thursday, September 30th. Northcoast Research began coverage on SYNNEX in a research report on Thursday, December 16th. They set a “buy” rating and a $136.00 target price for the company. Citigroup raised their target price on SYNNEX from $155.00 to $165.00 and gave the stock a “buy” rating in a research report on Wednesday. Cross Research upgraded SYNNEX from a “hold” rating to a “buy” rating and set a $124.00 target price for the company in a research report on Wednesday. Finally, Raymond James raised their target price on SYNNEX from $150.00 to $170.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $145.88.

About SYNNEX

TD SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products.

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Dividend History for SYNNEX (NYSE:SNX)

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