Summit Investment Advisors Inc. Cuts Stock Position in TD SYNNEX Co. (NYSE:SNX)

Summit Investment Advisors Inc. trimmed its position in shares of TD SYNNEX Co. (NYSE:SNX) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,168 shares of the business services provider’s stock after selling 436 shares during the quarter. Summit Investment Advisors Inc.’s holdings in TD SYNNEX were worth $1,779,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Bragg Financial Advisors Inc boosted its stake in shares of TD SYNNEX by 0.4% in the fourth quarter. Bragg Financial Advisors Inc now owns 306,323 shares of the business services provider’s stock valued at $35,926,000 after purchasing an additional 1,170 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in TD SYNNEX by 1,877.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 221,979 shares of the business services provider’s stock worth $26,034,000 after buying an additional 210,752 shares in the last quarter. LSV Asset Management boosted its position in TD SYNNEX by 46.9% in the 4th quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock valued at $201,235,000 after buying an additional 547,692 shares during the period. Bessemer Group Inc. grew its stake in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock worth $28,000 after acquiring an additional 152 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of TD SYNNEX during the fourth quarter worth $47,094,000. 84.00% of the stock is owned by institutional investors and hedge funds.

TD SYNNEX Stock Up 0.2 %

Shares of NYSE:SNX opened at $103.27 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $124.65 and a 200-day simple moving average of $124.20. The company has a market capitalization of $8.67 billion, a PE ratio of 12.97, a P/E/G ratio of 1.06 and a beta of 1.36. TD SYNNEX Co. has a twelve month low of $92.23 and a twelve month high of $145.10.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to analysts’ expectations of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. TD SYNNEX’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $2.99 earnings per share. On average, equities analysts predict that TD SYNNEX Co. will post 11.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is 21.97%.

Insider Buying and Selling at TD SYNNEX

In other news, Director Ann F. Vezina sold 839 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $136.08, for a total value of $114,171.12. Following the completion of the sale, the director now directly owns 4,856 shares of the company’s stock, valued at approximately $660,804.48. This represents a 14.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $135.88, for a total value of $2,717,600.00. Following the transaction, the director now directly owns 65,480 shares in the company, valued at approximately $8,897,422.40. This represents a 23.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,172 shares of company stock worth $4,000,861. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on SNX. The Goldman Sachs Group decreased their target price on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a report on Friday, March 28th. Cfra lowered their price objective on TD SYNNEX from $147.00 to $132.00 and set a “buy” rating for the company in a research report on Friday, March 28th. UBS Group reduced their target price on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Barclays lowered their price target on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating for the company in a report on Friday, March 28th. Finally, StockNews.com lowered shares of TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus target price of $137.22.

About TD SYNNEX

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.