Rhumbline Advisers increased its stake in shares of Tech Data Corp (NASDAQ:TECD) by 4.1% in the third quarter, HoldingsChannel.com reports. The firm owned 70,631 shares of the company’s stock after buying an additional 2,784 shares during the period. Rhumbline Advisers’ holdings in Tech Data were worth $5,055,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of TECD. Stevens Capital Management LP purchased a new position in shares of Tech Data during the 2nd quarter worth approximately $221,000. Quantitative Systematic Strategies LLC purchased a new position in shares of Tech Data during the 2nd quarter worth approximately $230,000. Country Club Trust Company n.a. purchased a new position in shares of Tech Data during the 2nd quarter worth approximately $333,000. Alps Advisors Inc. purchased a new position in shares of Tech Data during the 2nd quarter worth approximately $363,000. Finally, Jaffetilchin Investment Partners LLC purchased a new position in shares of Tech Data during the 3rd quarter worth approximately $366,000. 97.12% of the stock is owned by hedge funds and other institutional investors.
Shares of TECD stock opened at $85.87 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.85. Tech Data Corp has a 52 week low of $66.93 and a 52 week high of $108.62. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 8.09, a price-to-earnings-growth ratio of 0.90 and a beta of 0.74.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, November 29th. The company reported $3.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.17 by $0.85. Tech Data had a net margin of 0.59% and a return on equity of 13.92%. The company had revenue of $9.34 billion during the quarter, compared to analysts’ expectations of $8.92 billion. During the same quarter last year, the company posted $2.00 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Tech Data Corp will post 10.7 EPS for the current fiscal year.
Tech Data declared that its Board of Directors has approved a stock buyback plan on Tuesday, October 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Tech Data news, Director Charles E. Adair sold 2,715 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $90.72, for a total value of $246,304.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.10% of the company’s stock.
A number of research firms recently weighed in on TECD. Needham & Company LLC increased their price objective on shares of Tech Data to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 30th. ValuEngine raised shares of Tech Data from a “sell” rating to a “hold” rating in a research report on Friday, November 30th. Bank of America cut shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price target for the company. in a research report on Friday, August 31st. Citigroup decreased their price target on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday, August 31st. Finally, BidaskClub raised shares of Tech Data from a “hold” rating to a “buy” rating in a research report on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Tech Data has a consensus rating of “Hold” and an average price target of $99.86.
Tech Data Profile
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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