Synnex Corporation (SNX) Increases Dividend to $0.35 Per Share
Synnex Corporation (NYSE:SNX) announced a quarterly dividend on Tuesday, January 9th, NASDAQ reports. Shareholders of record on Friday, January 19th will be given a dividend of 0.35 per share by the business services provider on Wednesday, January 31st. This represents a $1.40 annualized dividend and a yield of 1.06%. The ex-dividend date is Thursday, January 18th. This is a boost from Synnex’s previous quarterly dividend of $0.30.
Synnex has increased its dividend payment by an average of 103.3% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Synnex has a dividend payout ratio of 13.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Synnex to earn $9.60 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 12.5%.
Synnex (NYSE SNX) traded down $8.82 on Wednesday, reaching $131.88. The company’s stock had a trading volume of 188,422 shares, compared to its average volume of 168,266. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25. The stock has a market cap of $5,270.00, a P/E ratio of 17.89 and a beta of 1.08. Synnex has a 12-month low of $101.48 and a 12-month high of $141.94.
In related news, COO Dennis Polk sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $134.91, for a total value of $202,365.00. Following the sale, the chief operating officer now owns 21,874 shares in the company, valued at approximately $2,951,021.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas S. Wurster sold 300 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $136.57, for a total value of $40,971.00. Following the completion of the sale, the director now owns 10,531 shares in the company, valued at approximately $1,438,218.67. The disclosure for this sale can be found here. Insiders have sold a total of 7,900 shares of company stock worth $1,050,392 in the last quarter. 3.20% of the stock is currently owned by insiders.
Several analysts have commented on SNX shares. Zacks Investment Research downgraded Synnex from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Pivotal Research started coverage on Synnex in a research report on Friday, October 6th. They set a “hold” rating and a $137.00 target price on the stock. SunTrust Banks started coverage on Synnex in a research report on Thursday, December 7th. They set a “buy” rating and a $145.00 target price on the stock. Needham & Company LLC boosted their target price on Synnex from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Finally, ValuEngine upgraded Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $141.67.
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Synnex Company Profile
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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