TD SYNNEX (NYSE:SNX) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of TD SYNNEX (NYSE:SNX) in a research report released on Wednesday, Benzinga reports. They currently have a $118.00 price target on the business services provider’s stock, up from their prior price target of $110.00.

Several other research analysts also recently weighed in on the company. Cfra upped their price target on TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a research note on Tuesday. JPMorgan Chase & Co. cut shares of TD SYNNEX from an overweight rating to a neutral rating and raised their target price for the company from $112.00 to $113.00 in a research note on Monday, January 8th. StockNews.com raised shares of TD SYNNEX from a hold rating to a buy rating in a report on Thursday, December 21st. Finally, Barclays lifted their target price on TD SYNNEX from $111.00 to $118.00 and gave the stock an equal weight rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $114.33.

TD SYNNEX Stock Performance

SNX opened at $116.03 on Wednesday. The company has a 50 day simple moving average of $103.43 and a two-hundred day simple moving average of $100.94. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.20 and a quick ratio of 0.77. The firm has a market cap of $10.34 billion, a P/E ratio of 17.29, a PEG ratio of 1.01 and a beta of 1.63. TD SYNNEX has a 1-year low of $86.30 and a 1-year high of $116.05.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.57. The company had revenue of $14.41 billion for the quarter, compared to analysts’ expectations of $14.54 billion. TD SYNNEX had a net margin of 1.09% and a return on equity of 12.34%. TD SYNNEX’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.30 EPS. Equities analysts forecast that TD SYNNEX will post 11.17 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Thursday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is presently 23.85%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the transaction, the insider now directly owns 26,153,049 shares in the company, valued at approximately $2,654,534,473.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Fred A. Breidenbach sold 3,849 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $103.61, for a total transaction of $398,794.89. Following the completion of the sale, the director now directly owns 18,148 shares in the company, valued at approximately $1,880,314.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the business’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the completion of the transaction, the insider now owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The disclosure for this sale can be found here. Insiders sold 2,289,905 shares of company stock worth $232,556,362 over the last three months. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pineridge Advisors LLC acquired a new position in shares of TD SYNNEX in the 4th quarter valued at $33,000. Nomura Asset Management Co. Ltd. increased its holdings in TD SYNNEX by 95.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 410 shares of the business services provider’s stock worth $40,000 after buying an additional 200 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of TD SYNNEX in the 1st quarter valued at $51,000. Covestor Ltd raised its holdings in shares of TD SYNNEX by 91.5% during the first quarter. Covestor Ltd now owns 697 shares of the business services provider’s stock worth $72,000 after purchasing an additional 333 shares during the last quarter. Finally, Gladius Capital Management LP lifted its position in TD SYNNEX by 50.8% during the third quarter. Gladius Capital Management LP now owns 742 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 250 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.