TD SYNNEX (NYSE:SNX) Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research report released on Thursday morning.

SNX has been the topic of several other reports. Barrington Research reissued an outperform rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Wednesday, June 26th. Bank of America lowered their target price on TD SYNNEX from $135.00 to $132.00 and set a buy rating on the stock in a report on Thursday, June 27th. Royal Bank of Canada raised TD SYNNEX from a sector perform rating to an outperform rating and increased their target price for the company from $135.00 to $140.00 in a report on Monday, July 15th. UBS Group upped their price target on shares of TD SYNNEX from $145.00 to $150.00 and gave the stock a buy rating in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of TD SYNNEX from $126.00 to $123.00 and set a neutral rating for the company in a report on Wednesday, June 26th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, TD SYNNEX currently has a consensus rating of Moderate Buy and an average price target of $127.33.

TD SYNNEX Trading Up 0.7 %

SNX stock traded up $0.82 during trading on Thursday, hitting $111.99. 502,092 shares of the company traded hands, compared to its average volume of 883,111. The firm has a market capitalization of $9.57 billion, a PE ratio of 15.58, a P/E/G ratio of 1.09 and a beta of 1.52. TD SYNNEX has a 1 year low of $89.73 and a 1 year high of $133.85. The company has a 50-day moving average of $119.94 and a 200-day moving average of $114.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.78 and a current ratio of 1.26.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.66 by ($0.05). TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $14.12 billion. Analysts predict that TD SYNNEX will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.43%. TD SYNNEX’s dividend payout ratio is currently 22.41%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the completion of the transaction, the chief financial officer now owns 45,115 shares of the company’s stock, valued at approximately $4,968,966.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Patrick Zammit sold 3,513 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the sale, the chief operating officer now directly owns 140,205 shares of the company’s stock, valued at $15,882,422.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Marshall Witt sold 11,441 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the completion of the sale, the chief financial officer now directly owns 45,115 shares of the company’s stock, valued at $4,968,966.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,071 shares of company stock worth $3,985,182. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SNX. Vanguard Group Inc. increased its stake in shares of TD SYNNEX by 23.4% during the first quarter. Vanguard Group Inc. now owns 6,641,402 shares of the business services provider’s stock worth $751,143,000 after acquiring an additional 1,261,474 shares during the period. Ninety One UK Ltd boosted its holdings in TD SYNNEX by 131.0% during the second quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock worth $158,298,000 after buying an additional 777,924 shares in the last quarter. Norges Bank purchased a new stake in TD SYNNEX during the fourth quarter worth about $79,506,000. Lind Value II ApS purchased a new stake in TD SYNNEX during the first quarter worth about $77,858,000. Finally, Lord Abbett & CO. LLC purchased a new stake in TD SYNNEX during the first quarter worth about $57,981,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.