Zacks Research Weighs in on TD SYNNEX Co.’s Q3 2024 Earnings (NYSE:SNX)

TD SYNNEX Co. (NYSE:SNX) – Analysts at Zacks Research raised their Q3 2024 earnings estimates for TD SYNNEX in a report released on Tuesday, April 16th. Zacks Research analyst R. Department now anticipates that the business services provider will earn $2.71 per share for the quarter, up from their prior forecast of $2.65. The consensus estimate for TD SYNNEX’s current full-year earnings is $11.33 per share. Zacks Research also issued estimates for TD SYNNEX’s FY2024 earnings at $11.18 EPS, Q1 2025 earnings at $2.78 EPS, Q3 2025 earnings at $3.14 EPS, Q4 2025 earnings at $3.42 EPS, FY2025 earnings at $12.32 EPS and FY2026 earnings at $14.24 EPS.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, March 26th. The business services provider reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.12. The firm had revenue of $13.98 billion for the quarter, compared to analyst estimates of $14.37 billion. TD SYNNEX had a net margin of 1.12% and a return on equity of 12.16%.

A number of other analysts have also weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $118.00 price objective (up previously from $110.00) on shares of TD SYNNEX in a research note on Wednesday, March 27th. Cfra lifted their price objective on shares of TD SYNNEX from $110.00 to $113.00 and gave the company a “hold” rating in a report on Tuesday, March 26th. Bank of America lifted their price objective on shares of TD SYNNEX from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. StockNews.com raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Finally, UBS Group raised shares of TD SYNNEX from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $115.00 to $145.00 in a report on Tuesday. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $121.82.

TD SYNNEX Stock Down 1.0 %

NYSE:SNX opened at $113.75 on Friday. The firm has a market capitalization of $10.14 billion, a P/E ratio of 16.51, a PEG ratio of 1.08 and a beta of 1.64. TD SYNNEX has a 1-year low of $86.30 and a 1-year high of $119.87. The company’s fifty day moving average price is $107.31 and its 200-day moving average price is $102.52. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.75.

Hedge Funds Weigh In On TD SYNNEX

Several institutional investors and hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC boosted its holdings in TD SYNNEX by 1.4% in the 4th quarter. SummerHaven Investment Management LLC now owns 7,499 shares of the business services provider’s stock valued at $807,000 after purchasing an additional 102 shares during the last quarter. Captrust Financial Advisors boosted its holdings in TD SYNNEX by 4.3% in the 1st quarter. Captrust Financial Advisors now owns 3,202 shares of the business services provider’s stock valued at $330,000 after purchasing an additional 133 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of TD SYNNEX by 0.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,687 shares of the business services provider’s stock worth $1,702,000 after acquiring an additional 140 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of TD SYNNEX by 0.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 35,805 shares of the business services provider’s stock worth $3,391,000 after acquiring an additional 141 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of TD SYNNEX by 0.6% in the 4th quarter. Teacher Retirement System of Texas now owns 23,242 shares of the business services provider’s stock worth $2,501,000 after acquiring an additional 142 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at TD SYNNEX

In related news, insider Dennis Polk sold 20,000 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at $15,908,778.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.57, for a total value of $1,055,700.00. Following the transaction, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dennis Polk sold 20,000 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the completion of the transaction, the insider now owns 134,706 shares in the company, valued at $15,908,778.60. The disclosure for this sale can be found here. Insiders sold 39,355 shares of company stock valued at $4,408,685 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.41%. TD SYNNEX’s dividend payout ratio is currently 23.22%.

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.