Concentrix Co. (NASDAQ:CNXC) Raises Dividend to $0.30 Per Share

Concentrix Co. (NASDAQ:CNXC) announced a quarterly dividend on Tuesday, March 26th, Zacks reports. Investors of record on Friday, April 26th will be paid a dividend of 0.303 per share on Tuesday, May 7th. This represents a $1.21 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, April 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a payout ratio of 9.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Concentrix to earn $12.31 per share next year, which means the company should continue to be able to cover its $1.21 annual dividend with an expected future payout ratio of 9.8%.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $56.64 on Wednesday. The firm has a market cap of $3.74 billion, a PE ratio of 11.68, a PEG ratio of 0.63 and a beta of 0.48. The firm has a fifty day moving average of $66.48 and a 200 day moving average of $81.49. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. Concentrix has a one year low of $54.16 and a one year high of $106.44.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The company had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. As a group, research analysts predict that Concentrix will post 11.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Bank of America reissued an “underperform” rating and issued a $60.00 price target (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Barrington Research dropped their target price on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $82.25.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell purchased 900 shares of the stock in a transaction dated Friday, April 19th. The shares were purchased at an average price of $54.59 per share, with a total value of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares in the company, valued at approximately $13,053,997.52. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 1,879 shares of company stock valued at $116,400 over the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

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.