Tyler Stone Wealth Management Purchases New Holdings in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Tyler Stone Wealth Management purchased 33,586 shares of Concentrix Corporation (NASDAQ:CNXC) valued at approximately $1.87 million, representing around 0.05% of the company.
• Concentrix has a consensus rating of "Moderate Buy" from analysts, with an average target price of $66.75 and multiple firms providing varying ratings and price targets.
• The company recently declared a quarterly dividend of $0.3328 per share, resulting in an annualized dividend yield of 2.8%, with a payout ratio of 36.54%.

Tyler Stone Wealth Management purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 33,586 shares of the company's stock, valued at approximately $1,869,000. Tyler Stone Wealth Management owned approximately 0.05% of Concentrix at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CNXC. UMB Bank n.a. grew its holdings in Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after acquiring an additional 217 shares during the period. First Horizon Advisors Inc. grew its holdings in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after acquiring an additional 444 shares during the period. PNC Financial Services Group Inc. grew its holdings in Concentrix by 47.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after acquiring an additional 483 shares during the period. Quarry LP grew its holdings in Concentrix by 843.9% during the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after acquiring an additional 2,270 shares during the period. Finally, Fifth Third Bancorp grew its holdings in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after acquiring an additional 548 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Wall Street Analyst Weigh In

CNXC has been the subject of a number of analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Robert W. Baird lifted their price target on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Barrington Research reissued an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Finally, Bank of America reduced their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.20% of the company's stock.

Concentrix Trading Down 1.4%

Shares of NASDAQ CNXC opened at $48.19 on Friday. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 0.65 and a beta of 0.53. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00. The company's fifty day moving average is $54.44 and its 200-day moving average is $51.53. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.06). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company's revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.69 earnings per share. Equities research analysts predict that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were given a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's payout ratio is currently 36.54%.

Concentrix Company Profile

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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