Convergence Investment Partners LLC Sells 526 Shares of Syneos Health Inc (NASDAQ:SYNH)

Convergence Investment Partners LLC lessened its holdings in Syneos Health Inc (NASDAQ:SYNH) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,353 shares of the company’s stock after selling 526 shares during the quarter. Convergence Investment Partners LLC’s holdings in Syneos Health were worth $953,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. State of Michigan Retirement System boosted its stake in shares of Syneos Health by 32.0% in the 2nd quarter. State of Michigan Retirement System now owns 22,703 shares of the company’s stock valued at $1,322,000 after purchasing an additional 5,503 shares during the last quarter. M&T Bank Corp boosted its stake in shares of Syneos Health by 17.2% in the 2nd quarter. M&T Bank Corp now owns 16,896 shares of the company’s stock valued at $983,000 after purchasing an additional 2,478 shares during the last quarter. Physicians Financial Services Inc. bought a new position in shares of Syneos Health in the 2nd quarter valued at about $233,000. CIBC Asset Management Inc bought a new position in Syneos Health during the 2nd quarter worth approximately $224,000. Finally, Raymond James & Associates boosted its stake in Syneos Health by 41.6% during the 2nd quarter. Raymond James & Associates now owns 99,444 shares of the company’s stock worth $5,793,000 after acquiring an additional 29,205 shares during the last quarter.

Shares of NASDAQ SYNH traded down $0.29 during midday trading on Friday, reaching $62.39. The company’s stock had a trading volume of 466,131 shares, compared to its average volume of 488,466. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.03. Syneos Health Inc has a fifty-two week low of $30.02 and a fifty-two week high of $74.25. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 21.74 and a beta of 1.84. The stock has a 50 day simple moving average of $57.61 and a 200-day simple moving average of $56.57.

Syneos Health (NASDAQ:SYNH) last issued its earnings results on Thursday, April 30th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.04. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Syneos Health had a net margin of 4.13% and a return on equity of 10.33%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. As a group, equities analysts anticipate that Syneos Health Inc will post 2.52 EPS for the current year.

In related news, insider Michelle Keefe sold 2,500 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $60.00, for a total transaction of $150,000.00. Following the transaction, the insider now directly owns 51,943 shares in the company, valued at $3,116,580. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alistair Macdonald sold 5,173 shares of the business’s stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $58.68, for a total transaction of $303,551.64. Following the transaction, the chief executive officer now owns 264,809 shares in the company, valued at $15,538,992.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,173 shares of company stock worth $542,217. 0.44% of the stock is owned by corporate insiders.

Several research analysts recently weighed in on SYNH shares. Cfra lifted their price objective on shares of Syneos Health from $55.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. SunTrust Banks lifted their price objective on shares of Syneos Health from $66.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Citigroup reduced their price objective on shares of Syneos Health from $85.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. UBS Group reduced their price objective on shares of Syneos Health from $74.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Finally, BidaskClub raised shares of Syneos Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $60.67.

About Syneos Health

Syneos Health, Inc operates as an integrated biopharmaceutical solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers various clinical development services spanning Phase I to Phase IV, including full-service global studies, as well as clinical monitoring, investigator recruitment, patient recruitment, data management, and study startup to assist customers with drug development process.

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Institutional Ownership by Quarter for Syneos Health (NASDAQ:SYNH)

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