Key Points
- Director Richard Hume sold 5,000 shares of TD SYNNEX on June 2 at an average price of $280.38, totaling about $1.4 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- TD SYNNEX reported strong quarterly results, with earnings of $4.73 per share and revenue of $17.16 billion, both well above analyst expectations. Revenue rose 18.1% year over year, and the company also maintained a modest dividend of $0.48 per quarter.
- Wall Street sentiment remains mostly positive, with several analysts recently raising price targets and JPMorgan upgrading the stock to overweight. The shares have climbed sharply, trading near their 12-month high of $286.25.
TD SYNNEX Corporation (NYSE:SNX - Get Free Report) Director Richard Hume sold 5,000 shares of TD SYNNEX stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the transaction, the director directly owned 23,537 shares in the company, valued at $6,599,304.06. This trade represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
TD SYNNEX Price Performance
Shares of SNX stock opened at $278.72 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The firm's 50-day moving average is $217.79 and its two-hundred day moving average is $177.11. TD SYNNEX Corporation has a 12 month low of $120.19 and a 12 month high of $286.25. The company has a market capitalization of $22.41 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.43.
TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. TD SYNNEX's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.80 earnings per share. Analysts predict that TD SYNNEX Corporation will post 15.88 earnings per share for the current year.
TD SYNNEX Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX's payout ratio is 15.96%.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. Zacks Research cut shares of TD SYNNEX from a "strong-buy" rating to a "hold" rating in a report on Monday. Royal Bank Of Canada raised their price objective on shares of TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. UBS Group raised their target price on shares of TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Barclays raised their target price on shares of TD SYNNEX from $166.00 to $237.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price objective on the stock in a research report on Wednesday, May 27th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.60.
View Our Latest Report on SNX
Institutional Investors Weigh In On TD SYNNEX
Several institutional investors and hedge funds have recently made changes to their positions in SNX. Concentric Capital Strategies LP acquired a new position in TD SYNNEX in the 3rd quarter valued at about $18,036,000. Envestnet Asset Management Inc. increased its stake in shares of TD SYNNEX by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider's stock valued at $13,587,000 after acquiring an additional 8,264 shares during the last quarter. Fieldview Capital Management LLC acquired a new stake in TD SYNNEX during the 3rd quarter worth approximately $1,318,000. Citigroup Inc. increased its position in TD SYNNEX by 12.0% during 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 in the last quarter. Finally, Algert Global LLC acquired a new stake in TD SYNNEX during the 3rd quarter worth approximately $7,140,000. 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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
