Concentrix Corporation (NASDAQ:CNXC) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Concentrix Corporation has received a **consensus rating of "Buy"** from analysts, with one hold recommendation and three buy ratings, while the average twelve-month price target is set at **$69.50**.
• The company recently **increased its quarterly dividend** from $0.33 to $0.36 per share, resulting in an annualized yield of **3.0%**.
• Despite the positive rating, Bank of America downgraded its price target from **$65.00 to $61.00**, highlighting concerns over the stock’s performance.

Shares of Concentrix Corporation (NASDAQ:CNXC - Get Free Report) have received a consensus recommendation of "Buy" from the five ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $69.50.

Several equities analysts recently commented on CNXC shares. Bank of America decreased their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Robert W. Baird upped their price target on shares of Concentrix from $72.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. Barrington Research restated an "outperform" rating and issued a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $80.00 price target on shares of Concentrix in a research note on Tuesday, September 23rd.

Concentrix Trading Down 13.3%

Shares of NASDAQ:CNXC opened at $47.66 on Monday. Concentrix has a 12-month low of $36.28 and a 12-month high of $66.00. The stock has a market cap of $3.00 billion, a PE ratio of 10.08, a P/E/G ratio of 0.63 and a beta of 0.53. The business has a 50 day moving average of $52.47 and a 200-day moving average of $52.75. The company has a quick ratio of 1.61, a current ratio of 1.56 and a debt-to-equity ratio of 1.10.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 3.25% and a return on equity of 16.02%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the company posted $2.69 earnings per share. The company's revenue was up 1.5% on a year-over-year basis. As a group, equities research analysts forecast that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Shareholders of record on Friday, October 24th will be paid a dividend of $0.36 per share. The ex-dividend date is Friday, October 24th. This is a positive change from Concentrix's previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 3.0%. Concentrix's dividend payout ratio is currently 28.12%.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, the executive vice president directly owned 37,130 shares in the company, valued at $2,150,198.30. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Concentrix

Hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its stake in shares of Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after purchasing an additional 522 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Concentrix by 473.8% in the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Concentrix by 39.3% in the 2nd quarter. True Wealth Design LLC now owns 1,163 shares of the company's stock valued at $61,000 after purchasing an additional 328 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

About Concentrix

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.

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