Syneos Health (NASDAQ:SYNH) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Syneos Health (NASDAQ:SYNH – Get Rating) released its quarterly earnings data on Friday. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06, MarketWatch Earnings reports. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Syneos Health had a net margin of 4.50% and a return on equity of 12.69%. The business’s revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. Syneos Health updated its FY22 guidance to $5.05-5.25 EPS.

Shares of Syneos Health stock traded down $0.58 during mid-day trading on Monday, hitting $72.51. 1,480 shares of the stock were exchanged, compared to its average volume of 734,244. Syneos Health has a twelve month low of $66.77 and a twelve month high of $104.18. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 31.64 and a beta of 1.84. The company has a 50-day simple moving average of $78.80 and a 200 day simple moving average of $88.86. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82.

SYNH has been the subject of several recent analyst reports. Jefferies Financial Group downgraded shares of Syneos Health from a “buy” rating to a “hold” rating and lowered their target price for the company from $101.00 to $75.00 in a research note on Monday, April 25th. Zacks Investment Research upgraded shares of Syneos Health from a “sell” rating to a “hold” rating and set a $95.00 target price on the stock in a research report on Monday, January 17th. StockNews.com assumed coverage on shares of Syneos Health in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Syneos Health in a research note on Monday, April 11th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, Barclays cut their target price on shares of Syneos Health from $115.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, January 27th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $100.33.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYNH. Parametric Portfolio Associates LLC raised its holdings in Syneos Health by 11.7% in the fourth quarter. Parametric Portfolio Associates LLC now owns 307,779 shares of the company’s stock valued at $31,603,000 after buying an additional 32,124 shares during the period. Legal & General Group Plc raised its holdings in Syneos Health by 5.7% in the fourth quarter. Legal & General Group Plc now owns 152,893 shares of the company’s stock valued at $15,699,000 after buying an additional 8,291 shares during the period. Comerica Bank raised its holdings in Syneos Health by 1.8% in the fourth quarter. Comerica Bank now owns 63,917 shares of the company’s stock valued at $5,515,000 after buying an additional 1,109 shares during the period. Metropolitan Life Insurance Co NY raised its holdings in Syneos Health by 8.0% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 19,125 shares of the company’s stock valued at $1,964,000 after buying an additional 1,410 shares during the period. Finally, MML Investors Services LLC raised its holdings in Syneos Health by 5.7% in the fourth quarter. MML Investors Services LLC now owns 14,985 shares of the company’s stock valued at $1,539,000 after buying an additional 803 shares during the period. 98.38% of the stock is currently owned by institutional investors and hedge funds.

About Syneos Health (Get Rating)

Syneos Health, Inc provides biopharmaceutical outsourcing solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers services for the development of diagnostics, drugs, biologics, devices, and digital therapeutics in the Phase I to IV of clinical development.

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