First Mercantile Trust Co. Makes New $86,000 Investment in Syneos Health, Inc. (NASDAQ:SYNH)

First Mercantile Trust Co. bought a new position in Syneos Health, Inc. (NASDAQ:SYNH) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 960 shares of the company’s stock, valued at approximately $86,000.

A number of other hedge funds have also recently modified their holdings of the business. O Shaughnessy Asset Management LLC increased its position in Syneos Health by 10.8% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 1,556 shares of the company’s stock worth $139,000 after purchasing an additional 152 shares during the last quarter. Amalgamated Bank increased its position in Syneos Health by 1.6% in the 1st quarter. Amalgamated Bank now owns 10,773 shares of the company’s stock worth $817,000 after purchasing an additional 168 shares during the last quarter. Fifth Third Bancorp increased its position in Syneos Health by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 19,864 shares of the company’s stock worth $1,778,000 after purchasing an additional 195 shares during the last quarter. Stifel Financial Corp increased its position in Syneos Health by 2.4% in the 1st quarter. Stifel Financial Corp now owns 10,528 shares of the company’s stock worth $799,000 after purchasing an additional 249 shares during the last quarter. Finally, Utah Retirement Systems increased its position in Syneos Health by 7.7% in the 1st quarter. Utah Retirement Systems now owns 4,200 shares of the company’s stock worth $319,000 after purchasing an additional 300 shares during the last quarter. 97.17% of the stock is currently owned by institutional investors.

Shares of NASDAQ:SYNH opened at $93.74 on Friday. The business has a 50 day moving average price of $90.11 and a 200 day moving average price of $85.15. Syneos Health, Inc. has a twelve month low of $50.26 and a twelve month high of $97.47. The company has a market cap of $9.70 billion, a price-to-earnings ratio of 41.85 and a beta of 1.80. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.89.

Syneos Health (NASDAQ:SYNH) last announced its earnings results on Monday, August 9th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.02. Syneos Health had a return on equity of 11.35% and a net margin of 4.99%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company earned $0.58 EPS. The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. Analysts anticipate that Syneos Health, Inc. will post 3.87 EPS for the current year.

Several research analysts have weighed in on SYNH shares. Truist Securities upped their target price on Syneos Health from $88.00 to $104.00 and gave the stock a “buy” rating in a research report on Wednesday, June 2nd. Credit Suisse Group increased their price objective on Syneos Health from $96.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, August 5th. Finally, Barclays increased their price objective on Syneos Health from $90.00 to $102.00 and gave the company an “equal weight” rating in a report on Tuesday, July 13th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $89.10.

In other Syneos Health news, CFO Jason M. Meggs sold 4,668 shares of the firm’s stock in a transaction that occurred on Wednesday, June 30th. The stock was sold at an average price of $90.00, for a total value of $420,120.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alistair Macdonald sold 35,553 shares of the firm’s stock in a transaction that occurred on Tuesday, August 3rd. The stock was sold at an average price of $87.96, for a total value of $3,127,241.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,522 shares of company stock valued at $4,521,402. 0.29% of the stock is owned by corporate insiders.

Syneos Health Company Profile

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

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