TD SYNNEX (NYSE:SNX) Sets New 52-Week Low After Earnings Miss

TD SYNNEX Co. (NYSE:SNX) shares reached a new 52-week low on Thursday following a weaker than expected earnings announcement. The company traded as low as $98.00 and last traded at $100.88, with a volume of 145646 shares changing hands. The stock had previously closed at $125.46.

The business services provider reported $2.80 EPS for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The business had revenue of $14.53 billion during the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. TD SYNNEX’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $2.99 earnings per share.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be given a $0.44 dividend. The ex-dividend date is Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.68%. TD SYNNEX’s dividend payout ratio (DPR) is presently 22.11%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SNX. Royal Bank of Canada boosted their price objective on TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Barrington Research reissued an “outperform” rating and issued a $156.00 price objective on shares of TD SYNNEX in a report on Friday. JPMorgan Chase & Co. reduced their target price on shares of TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday. UBS Group dropped their price target on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Friday. Finally, StockNews.com lowered shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, TD SYNNEX has a consensus rating of “Moderate Buy” and an average price target of $140.00.

Insider Activity

In other news, Director Richard T. Hume sold 20,000 shares of TD SYNNEX stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the transaction, the director now owns 111,080 shares in the company, valued at approximately $13,065,229.60. This trade represents a 15.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ann F. Vezina sold 839 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $136.08, for a total transaction of $114,171.12. Following the sale, the director now owns 4,856 shares in the company, valued at $660,804.48. The trade was a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,172 shares of company stock valued at $6,353,261. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of large investors have recently modified their holdings of SNX. Bartlett & CO. Wealth Management LLC grew its stake in shares of TD SYNNEX by 345.1% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock worth $27,000 after purchasing an additional 176 shares in the last quarter. Bessemer Group Inc. lifted its holdings in TD SYNNEX by 174.7% during the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock worth $28,000 after buying an additional 152 shares during the last quarter. UMB Bank n.a. boosted its position in shares of TD SYNNEX by 48.4% during the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock worth $50,000 after acquiring an additional 140 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of TD SYNNEX in the 3rd quarter valued at about $55,000. Finally, Blue Trust Inc. raised its position in shares of TD SYNNEX by 37.7% during the 4th quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock worth $55,000 after acquiring an additional 129 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

TD SYNNEX Stock Performance

The firm has a 50 day moving average of $135.67 and a two-hundred day moving average of $125.53. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The stock has a market cap of $8.81 billion, a PE ratio of 13.12, a PEG ratio of 1.06 and a beta of 1.51.

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.