TD SYNNEX Corporation (NYSE:SNX) to Issue $0.44 Quarterly Dividend

TD SYNNEX Corporation (NYSE:SNX) declared a quarterly dividend on Tuesday, June 24th, RTT News reports. Stockholders of record on Friday, July 11th will be paid a dividend of 0.44 per share by the business services provider on Friday, July 25th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Friday, July 11th.

TD SYNNEX has a dividend payout ratio of 13.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect TD SYNNEX to earn $13.62 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 12.9%.

TD SYNNEX Trading Up 0.6%

Shares of NYSE:SNX opened at $137.66 on Thursday. TD SYNNEX has a 12-month low of $92.23 and a 12-month high of $145.10. The business’s fifty day simple moving average is $120.06 and its 200-day simple moving average is $124.20. The company has a market capitalization of $11.55 billion, a PE ratio of 16.08, a P/E/G ratio of 1.17 and a beta of 1.29. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.45.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm had revenue of $14.95 billion for the quarter, compared to the consensus estimate of $14.30 billion. During the same period in the previous year, the business earned $2.73 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities research analysts predict that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Miriam Anne Murphy sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $110.00, for a total value of $330,000.00. Following the completion of the transaction, the insider now owns 14,883 shares of the company’s stock, valued at $1,637,130. The trade was a 16.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Marshall Witt sold 1,509 shares of the business’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total value of $189,153.15. Following the completion of the transaction, the chief financial officer now directly owns 49,563 shares of the company’s stock, valued at approximately $6,212,722.05. This trade represents a 2.95% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Several institutional investors and hedge funds have recently modified their holdings of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of TD SYNNEX by 9.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider’s stock valued at $1,749,000 after buying an additional 1,460 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of TD SYNNEX by 5.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider’s stock valued at $18,631,000 after buying an additional 9,815 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of TD SYNNEX by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider’s stock valued at $21,226,000 after buying an additional 12,615 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNX. Barrington Research restated an “outperform” rating and set a $156.00 target price on shares of TD SYNNEX in a research note on Monday. Morgan Stanley boosted their target price on TD SYNNEX from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group lowered their price target on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research report on Friday, March 28th. JPMorgan Chase & Co. lowered their price target on TD SYNNEX from $125.00 to $120.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Finally, Wall Street Zen cut TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $139.00.

TD SYNNEX Company Profile

TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem. The company offers personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software; and data center technologies, such as hybrid cloud, security, storage, networking, servers, technology software, and converged and hyper-converged infrastructure, as well as computing components.