SYNNEX Co. Plans Quarterly Dividend of $0.35 (SNX)
SYNNEX Co. (NYSE:SNX) declared a quarterly dividend on Wednesday, September 26th, Wall Street Journal reports. Investors of record on Friday, October 12th will be paid a dividend of 0.35 per share by the business services provider on Friday, October 26th. This represents a $1.40 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, October 11th.
SYNNEX has raised its dividend payment by an average of 103.3% per year over the last three years and has raised its dividend every year for the last 2 years. SYNNEX has a payout ratio of 13.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect SYNNEX to earn $11.00 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 12.7%.
Shares of SYNNEX stock opened at $87.50 on Thursday. SYNNEX has a 12 month low of $87.41 and a 12 month high of $141.94. The company has a market cap of $3.61 billion, a P/E ratio of 9.88 and a beta of 0.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.49 and a quick ratio of 0.91.
A number of equities analysts recently commented on SNX shares. TheStreet raised SYNNEX from a “c+” rating to a “b” rating in a research note on Friday, June 29th. Stifel Nicolaus dropped their price target on SYNNEX from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, June 29th. Pivotal Research dropped their price target on SYNNEX from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, June 29th. Zacks Investment Research raised SYNNEX from a “sell” rating to a “hold” rating in a research note on Tuesday, June 5th. Finally, Cross Research downgraded SYNNEX from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $141.14.
In related news, CFO Marshall Witt sold 300 shares of SYNNEX stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $95.79, for a total value of $28,737.00. Following the sale, the chief financial officer now directly owns 19,010 shares in the company, valued at approximately $1,820,967.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Simon Leung sold 557 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $100.01, for a total transaction of $55,705.57. Following the sale, the senior vice president now owns 20,780 shares in the company, valued at approximately $2,078,207.80. The disclosure for this sale can be found here. Insiders have sold a total of 8,057 shares of company stock worth $775,749 in the last ninety days. Insiders own 3.20% of the company’s stock.
SYNNEX Company Profile
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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