Norges Bank Takes Position in TD SYNNEX Corporation $SNX

Norges Bank bought a new stake in TD SYNNEX Corporation (NYSE:SNX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 988,876 shares of the business services provider’s stock, valued at approximately $148,559,000.

Several other institutional investors also recently modified their holdings of SNX. Alyeska Investment Group L.P. bought a new position in shares of TD SYNNEX in the third quarter valued at approximately $135,631,000. Victory Capital Management Inc. grew its holdings in TD SYNNEX by 123.6% during the third quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider’s stock valued at $119,263,000 after purchasing an additional 402,573 shares during the period. Wedge Capital Management L L P NC bought a new position in TD SYNNEX during the fourth quarter valued at $60,104,000. Marshall Wace LLP grew its holdings in TD SYNNEX by 6,626.0% during the third quarter. Marshall Wace LLP now owns 402,754 shares of the business services provider’s stock valued at $65,951,000 after purchasing an additional 396,766 shares during the period. Finally, Wellington Management Group LLP grew its holdings in TD SYNNEX by 365.9% during the third quarter. Wellington Management Group LLP now owns 373,101 shares of the business services provider’s stock valued at $61,095,000 after purchasing an additional 293,027 shares during the period. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Trading Down 0.2%

NYSE:SNX opened at $278.72 on Thursday. The company has a market cap of $22.41 billion, a P/E ratio of 23.17, a P/E/G ratio of 1.20 and a beta of 1.43. The stock’s fifty day moving average price is $217.79 and its two-hundred day moving average price is $177.11. TD SYNNEX Corporation has a 1 year low of $120.19 and a 1 year high of $286.25. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.80 earnings per share. As a group, analysts expect that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. The ex-dividend date was Wednesday, April 15th. This represents a $1.92 annualized dividend and a dividend yield of 0.7%. TD SYNNEX’s dividend payout ratio is currently 15.96%.

Insiders Place Their Bets

In other TD SYNNEX news, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares in the company, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total value of $1,401,900.00. Following the sale, the director owned 23,537 shares in the company, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,250 shares of company stock worth $4,935,282 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

SNX has been the subject of several research reports. JPMorgan Chase & Co. raised TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective for the company in a report on Wednesday, May 27th. UBS Group increased their price objective on TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Barclays increased their price objective on TD SYNNEX from $166.00 to $237.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Finally, Barrington Research reissued an “outperform” rating and set a $182.00 price objective on shares of TD SYNNEX in a report on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $212.60.

TD SYNNEX Profile

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.