Tech Data Corp (TECD) Position Increased by California Public Employees Retirement System

California Public Employees Retirement System boosted its position in shares of Tech Data Corp (NASDAQ:TECD) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 109,381 shares of the company’s stock after purchasing an additional 2,613 shares during the quarter. California Public Employees Retirement System’s holdings in Tech Data were worth $8,982,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Putnam Investments LLC purchased a new stake in Tech Data during the 2nd quarter valued at about $2,669,000. Millennium Management LLC grew its position in Tech Data by 1,302.7% during the 2nd quarter. Millennium Management LLC now owns 51,380 shares of the company’s stock valued at $4,219,000 after purchasing an additional 47,717 shares during the last quarter. MetLife Investment Advisors LLC grew its position in Tech Data by 5.0% during the 2nd quarter. MetLife Investment Advisors LLC now owns 39,342 shares of the company’s stock valued at $3,231,000 after purchasing an additional 1,864 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in Tech Data by 5.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 21,429 shares of the company’s stock valued at $1,760,000 after purchasing an additional 1,115 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in Tech Data by 0.5% during the 2nd quarter. Macquarie Group Ltd. now owns 738,508 shares of the company’s stock valued at $60,646,000 after purchasing an additional 3,374 shares during the last quarter. 96.80% of the stock is currently owned by institutional investors.

Shares of NASDAQ TECD opened at $70.36 on Tuesday. The company has a current ratio of 1.28, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The stock has a market cap of $2.74 billion, a PE ratio of 7.84, a P/E/G ratio of 0.95 and a beta of 0.74. Tech Data Corp has a 52-week low of $69.71 and a 52-week high of $108.62.

Tech Data (NASDAQ:TECD) last announced its quarterly earnings results on Thursday, August 30th. The company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.10). The company had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.73 billion. Tech Data had a net margin of 0.39% and a return on equity of 12.67%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.74 EPS. On average, equities research analysts forecast that Tech Data Corp will post 9.96 earnings per share for the current fiscal year.

Tech Data announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Several analysts recently commented on TECD shares. BidaskClub downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. Citigroup cut their price objective on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, August 31st. Needham & Company LLC cut their price objective on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 31st. Zacks Investment Research downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Finally, Bank of America downgraded shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price target on the stock. in a report on Friday, August 31st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $100.14.

About Tech Data

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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Institutional Ownership by Quarter for Tech Data (NASDAQ:TECD)

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