Tech Data Corp (TECD) Expected to Post Quarterly Sales of $8.87 Billion

Equities analysts predict that Tech Data Corp (NASDAQ:TECD) will announce $8.87 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Tech Data’s earnings. The highest sales estimate is $8.95 billion and the lowest is $8.83 billion. Tech Data reported sales of $9.14 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 3%. The company is expected to report its next earnings results before the market opens on Thursday, November 29th.

On average, analysts expect that Tech Data will report full-year sales of $36.59 billion for the current financial year, with estimates ranging from $36.49 billion to $36.72 billion. For the next financial year, analysts anticipate that the company will report sales of $37.27 billion, with estimates ranging from $36.87 billion to $37.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Tech Data.

Tech Data (NASDAQ:TECD) last posted its quarterly earnings results on Thursday, August 30th. The company reported $2.01 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.10). Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The company had revenue of $8.89 billion for the quarter, compared to analyst estimates of $8.73 billion. During the same quarter in the prior year, the business posted $1.74 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year.

TECD has been the topic of several research reports. Zacks Investment Research upgraded shares of Tech Data from a “hold” rating to a “strong-buy” rating and set a $94.00 price target on the stock in a research report on Tuesday, July 31st. Bank of America cut Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price target on the stock. in a research note on Friday, August 31st. Citigroup dropped their price target on Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, August 31st. Needham & Company LLC dropped their price target on Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 31st. Finally, BidaskClub upgraded Tech Data from a “hold” rating to a “buy” rating in a research note on Wednesday, November 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $98.43.

A number of hedge funds have recently bought and sold shares of the business. United Services Automobile Association boosted its position in shares of Tech Data by 1.3% during the second quarter. United Services Automobile Association now owns 66,572 shares of the company’s stock valued at $5,467,000 after buying an additional 847 shares during the last quarter. Northern Trust Corp boosted its position in Tech Data by 4.4% during the 2nd quarter. Northern Trust Corp now owns 687,706 shares of the company’s stock worth $56,474,000 after acquiring an additional 28,976 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Tech Data during the 2nd quarter worth approximately $1,965,000. Mutual of America Capital Management LLC boosted its position in Tech Data by 2.8% during the 2nd quarter. Mutual of America Capital Management LLC now owns 30,624 shares of the company’s stock worth $2,515,000 after acquiring an additional 833 shares during the last quarter. Finally, Aperio Group LLC boosted its position in Tech Data by 31.7% during the 2nd quarter. Aperio Group LLC now owns 55,772 shares of the company’s stock worth $4,580,000 after acquiring an additional 13,409 shares during the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Shares of NASDAQ:TECD traded up $0.42 during trading on Friday, reaching $72.12. The stock had a trading volume of 22,861 shares, compared to its average volume of 369,359. Tech Data has a 52 week low of $66.93 and a 52 week high of $108.62. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 7.92, a P/E/G ratio of 0.96 and a beta of 0.67. The company has a quick ratio of 0.87, a current ratio of 1.28 and a debt-to-equity ratio of 0.49.

Tech Data declared that its board has authorized a stock repurchase program on Tuesday, October 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Tech Data Company 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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