Jefferies Financial Group Analysts Reduce Earnings Estimates for Syneos Health, Inc. (NASDAQ:SYNH)

Syneos Health, Inc. (NASDAQ:SYNH – Get Rating) – Equities research analysts at Jefferies Financial Group dropped their Q1 2023 EPS estimates for shares of Syneos Health in a report issued on Tuesday, January 24th. Jefferies Financial Group analyst D. Windley now forecasts that the company will post earnings of $0.55 per share for the quarter, down from their prior forecast of $0.62. The consensus estimate for Syneos Health’s current full-year earnings is $4.24 per share. Jefferies Financial Group also issued estimates for Syneos Health’s Q2 2023 earnings at $0.64 EPS, Q3 2023 earnings at $0.65 EPS, Q4 2023 earnings at $0.69 EPS and FY2023 earnings at $2.52 EPS.

Syneos Health (NASDAQ:SYNH – Get Rating) last released its earnings results on Thursday, November 3rd. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.07). Syneos Health had a net margin of 5.31% and a return on equity of 14.01%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.37 billion.

A number of other research analysts have also recently issued reports on SYNH. Barclays cut Syneos Health from an “overweight” rating to an “underweight” rating and reduced their price objective for the company from $30.00 to $25.00 in a research note on Friday, January 13th. Citigroup lowered their price objective on Syneos Health from $55.00 to $30.00 and set a “neutral” rating for the company in a research report on Sunday, November 6th. StockNews.com started coverage on shares of Syneos Health in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. lowered shares of Syneos Health from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $53.00 in a report on Tuesday, October 18th. Finally, Robert W. Baird decreased their price objective on shares of Syneos Health from $80.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, November 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $53.60.

Syneos Health Price Performance

Shares of NASDAQ:SYNH opened at $34.82 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3.58 billion, a PE ratio of 12.66 and a beta of 1.63. The company’s fifty day moving average is $34.83 and its 200 day moving average is $49.20. Syneos Health has a 52 week low of $22.89 and a 52 week high of $92.62.

Hedge Funds Weigh In On Syneos Health

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Syneos Health by 1.9% during the third quarter. Vanguard Group Inc. now owns 9,849,358 shares of the company’s stock valued at $464,397,000 after purchasing an additional 181,422 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Syneos Health by 5.6% during the second quarter. Clearbridge Investments LLC now owns 4,121,738 shares of the company’s stock valued at $295,446,000 after purchasing an additional 219,576 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Syneos Health by 10.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,468,354 shares of the company’s stock valued at $163,532,000 after purchasing an additional 336,689 shares in the last quarter. Cooke & Bieler LP increased its stake in shares of Syneos Health by 1.8% during the third quarter. Cooke & Bieler LP now owns 2,888,593 shares of the company’s stock valued at $136,197,000 after purchasing an additional 51,865 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Syneos Health by 1.7% during the third quarter. State Street Corp now owns 2,706,280 shares of the company’s stock valued at $127,601,000 after purchasing an additional 45,731 shares in the last quarter. 93.51% of the stock is owned by institutional investors.

Syneos Health Company Profile

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Syneos Health, Inc engages in the provision of outsourced clinical development and commercialization services to biopharmaceutical companies. It operates through the following business segments: Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers clinical development services spanning Phase I to Phase IV, including 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 their drug development process.