Massachusetts Financial Services Co. MA increased its position in Syneos Health, Inc. (NASDAQ:SYNH) by 42.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,200,361 shares of the company’s stock after purchasing an additional 653,520 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.12% of Syneos Health worth $192,488,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Syneos Health by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 9,713,171 shares of the company’s stock worth $869,232,000 after buying an additional 1,804,565 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in Syneos Health during the 2nd quarter valued at about $83,700,000. BlackRock Inc. increased its stake in Syneos Health by 9.3% during the 2nd quarter. BlackRock Inc. now owns 9,093,219 shares of the company’s stock valued at $813,752,000 after buying an additional 776,240 shares during the period. State Street Corp increased its stake in Syneos Health by 33.8% during the 2nd quarter. State Street Corp now owns 2,449,493 shares of the company’s stock valued at $219,205,000 after buying an additional 619,006 shares during the period. Finally, FMR LLC increased its stake in Syneos Health by 15.0% during the 2nd quarter. FMR LLC now owns 4,347,344 shares of the company’s stock valued at $389,044,000 after buying an additional 567,567 shares during the period. Institutional investors and hedge funds own 95.03% of the company’s stock.
Several research firms have commented on SYNH. Robert W. Baird raised their price objective on shares of Syneos Health from $115.00 to $122.00 and gave the company an “outperform” rating in a research report on Thursday, November 4th. Citigroup lowered shares of Syneos Health from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $115.00 to $105.00 in a research report on Wednesday, December 15th. Barclays upgraded shares of Syneos Health from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $98.00 to $115.00 in a research report on Thursday, November 4th. Finally, KeyCorp raised their price objective on shares of Syneos Health from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, November 4th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $105.86.
Syneos Health (NASDAQ:SYNH) last announced its earnings results on Wednesday, November 3rd. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.17 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Syneos Health had a net margin of 5.04% and a return on equity of 11.71%. The business’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period last year, the company posted $0.93 earnings per share. Analysts anticipate that Syneos Health, Inc. will post 3.95 earnings per share for the current year.
In related news, General Counsel Jonathan Olefson sold 1,889 shares of the firm’s stock in a transaction that occurred on Thursday, December 23rd. The shares were sold at an average price of $100.95, for a total transaction of $190,694.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Linda S. Harty sold 4,122 shares of the firm’s stock in a transaction that occurred on Monday, December 20th. The stock was sold at an average price of $97.02, for a total transaction of $399,916.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,104 shares of company stock valued at $599,818. 0.29% of the stock is currently owned by corporate insiders.
About Syneos Health
Syneos Health, Inc provides 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.
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