TD SYNNEX (NYSE:SNX) Reaches New 1-Year High – What’s Next?

TD SYNNEX Corporation (NYSE:SNX)’s share price hit a new 52-week high on Monday . The company traded as high as $241.84 and last traded at $240.9150, with a volume of 10400 shares traded. The stock had previously closed at $239.07.

Analysts Set New Price Targets

A number of analysts have weighed in on SNX shares. The Goldman Sachs Group increased their price target on TD SYNNEX from $180.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. UBS Group raised their target price on TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Barrington Research restated an “outperform” rating and issued a $182.00 target price on shares of TD SYNNEX in a research note on Friday, March 27th. JPMorgan Chase & Co. raised their target price on TD SYNNEX from $185.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada raised their target price on TD SYNNEX from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $197.70.

TD SYNNEX Stock Down 2.5%

The company has a market capitalization of $18.57 billion, a P/E ratio of 19.21, a PEG ratio of 1.03 and a beta of 1.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The stock has a 50 day moving average price of $189.37 and a 200 day moving average price of $166.84.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, topping 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 was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.80 EPS. Equities research analysts forecast that TD SYNNEX Corporation will post 15.69 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX’s payout ratio is currently 15.96%.

Insider Buying and Selling at TD SYNNEX

In related news, Director Richard T. Hume sold 5,000 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $233.85, for a total value of $1,169,250.00. Following the completion of the transaction, the director directly owned 33,537 shares in the company, valued at approximately $7,842,627.45. The trade was a 12.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of TD SYNNEX stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the transaction, the chief financial officer owned 14,035 shares of the company’s stock, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,417 shares of company stock valued at $2,412,026 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in shares of TD SYNNEX by 4.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,574 shares of the business services provider’s stock valued at $1,447,000 after purchasing an additional 380 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of TD SYNNEX by 639.3% during the 1st quarter. Meeder Asset Management Inc. now owns 45,712 shares of the business services provider’s stock valued at $7,712,000 after purchasing an additional 39,529 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of TD SYNNEX by 11.1% during the 1st quarter. Parallel Advisors LLC now owns 1,692 shares of the business services provider’s stock worth $285,000 after acquiring an additional 169 shares during the last quarter. KBC Group NV lifted its holdings in shares of TD SYNNEX by 20.9% during the 1st quarter. KBC Group NV now owns 37,445 shares of the business services provider’s stock worth $6,317,000 after acquiring an additional 6,464 shares during the last quarter. Finally, Kesler Norman & Wride LLC lifted its holdings in shares of TD SYNNEX by 0.7% during the 1st quarter. Kesler Norman & Wride LLC now owns 8,581 shares of the business services provider’s stock worth $1,448,000 after acquiring an additional 61 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

TD SYNNEX Company 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.