Key Points
- TD SYNNEX director Richard Hume sold 5,000 shares on May 18 at an average price of $229.54, for a total of about $1.15 million. After the sale, he still held 28,537 shares, and the trade was made under a pre-arranged 10b5-1 plan.
- The company recently posted stronger-than-expected quarterly results, with earnings of $4.73 per share versus the $3.24 consensus and revenue of $17.16 billion, up 18.1% year over year. Analysts now expect TD SYNNEX to earn 15.69 per share this year.
- TD SYNNEX also paid a quarterly dividend and continues to draw positive analyst coverage. The company paid a $0.48 dividend, and several firms have raised price targets, with the stock carrying a consensus “Moderate Buy” rating and average target of $197.70.
TD SYNNEX Corporation (NYSE:SNX - Get Free Report) Director Richard Hume sold 5,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the sale, the director owned 28,537 shares of the company's stock, valued at approximately $6,550,382.98. This represents a 14.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
TD SYNNEX Stock Performance
Shares of SNX stock opened at $228.23 on Tuesday. The stock has a fifty day moving average of $195.23 and a 200 day moving average of $168.99. TD SYNNEX Corporation has a 52 week low of $118.35 and a 52 week high of $242.49. The firm has a market capitalization of $18.35 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.01 and a beta of 1.40. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.
TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The company had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter last year, the firm posted $2.80 earnings per share. The firm's revenue was up 18.1% on a year-over-year basis. As a group, research analysts expect that TD SYNNEX Corporation will post 15.69 earnings per share for the current year.
TD SYNNEX Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were paid a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 0.8%. TD SYNNEX's dividend payout ratio (DPR) is presently 15.96%.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on the company. Barclays increased their target price on TD SYNNEX from $163.00 to $166.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 1st. Barrington Research reissued an "outperform" rating and issued a $182.00 target price on shares of TD SYNNEX in a research report on Friday, March 27th. Royal Bank Of Canada raised their price objective on TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Weiss Ratings reissued a "buy (b)" rating on shares of TD SYNNEX in a research report on Monday, May 4th. Finally, Morgan Stanley raised their price objective on TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $197.70.
Check Out Our Latest Analysis on SNX
Hedge Funds Weigh In On TD SYNNEX
Several large investors have recently made changes to their positions in SNX. Thrivent Financial for Lutherans raised its position in shares of TD SYNNEX by 7.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider's stock worth $162,568,000 after purchasing an additional 71,249 shares during the last quarter. Concentric Capital Strategies LP purchased a new position in shares of TD SYNNEX in the 3rd quarter worth about $18,036,000. Envestnet Asset Management Inc. raised its position in shares of TD SYNNEX by 11.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider's stock worth $13,587,000 after purchasing an additional 8,264 shares during the last quarter. Fieldview Capital Management LLC purchased a new position in shares of TD SYNNEX in the 3rd quarter worth about $1,318,000. Finally, Citigroup Inc. raised its position in shares of TD SYNNEX by 12.0% in the 3rd quarter. Citigroup Inc. now owns 83,103 shares of the business services provider's stock worth $13,608,000 after purchasing an additional 8,914 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.
About TD SYNNEX
(
Get Free Report)
TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.
The company's core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.
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