Bank of New York Mellon Corp Boosts Stake in Syneos Health, Inc. (NASDAQ:SYNH)

Posted by on Mar 10th, 2023

Bank of New York Mellon Corp raised its stake in shares of Syneos Health, Inc. (NASDAQ:SYNH – Get Rating) by 29.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,306,263 shares of the company’s stock after buying an additional 298,300 shares during the quarter. Bank of New York Mellon Corp owned about 1.27% of Syneos Health worth $61,590,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Syneos Health in the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. grew its position in shares of Syneos Health by 181.8% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $33,000 after purchasing an additional 300 shares during the period. CWM LLC grew its position in shares of Syneos Health by 51.7% in the third quarter. CWM LLC now owns 634 shares of the company’s stock valued at $30,000 after purchasing an additional 216 shares during the period. Wipfli Financial Advisors LLC acquired a new position in Syneos Health in the third quarter valued at $31,000. Finally, Lazard Asset Management LLC purchased a new position in Syneos Health during the first quarter worth about $53,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Barclays lifted their price target on Syneos Health from $30.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, March 1st. JPMorgan Chase & Co. downgraded shares of Syneos Health from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $28.00 in a report on Monday, February 13th. Mizuho reaffirmed a “neutral” rating and set a $38.00 price target on shares of Syneos Health in a research note on Friday, February 17th. Finally, Robert W. Baird boosted their price objective on shares of Syneos Health from $42.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $54.00.

Syneos Health Stock Down 6.1 %

Shares of Syneos Health stock opened at $36.96 on Friday. Syneos Health, Inc. has a twelve month low of $22.89 and a twelve month high of $85.45. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 14.38 and a beta of 1.66. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.76. The company has a fifty day moving average price of $36.92 and a 200 day moving average price of $42.01.

Syneos Health (NASDAQ:SYNH – Get Rating) last issued its earnings results on Thursday, February 16th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.08. Syneos Health had a return on equity of 13.19% and a net margin of 4.94%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.29 billion. Equities research analysts forecast that Syneos Health, Inc. will post 2.85 earnings per share for the current fiscal year.

Syneos Health Profile

(Get Rating)

Syneos Health, Inc engages in the provision of biopharmaceutical solutions. It operates through the Clinical Solutions and Commercial Solutions segments. The Clinical Solutions segment offers global services for the development of diagnostics, drugs, biologics, devices, and digital therapeutics that span Phase I to IV of clinical development.

Featured Articles

Want to see what other hedge funds are holding SYNH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Syneos Health, Inc. (NASDAQ:SYNH – Get Rating).

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

Receive News & Ratings for Syneos Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syneos Health and related companies with MarketBeat.com's FREE daily email newsletter.