Invenomic Capital Management LP Lowers Stock Holdings in TD SYNNEX Co. (NYSE:SNX)

Invenomic Capital Management LP trimmed its holdings in TD SYNNEX Co. (NYSE:SNX) by 16.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 184,158 shares of the business services provider’s stock after selling 35,703 shares during the period. TD SYNNEX accounts for approximately 1.2% of Invenomic Capital Management LP’s portfolio, making the stock its 28th largest position. Invenomic Capital Management LP owned about 0.22% of TD SYNNEX worth $22,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in shares of TD SYNNEX in the third quarter worth about $30,000. UMB Bank n.a. lifted its position in shares of TD SYNNEX by 99.3% in the third quarter. UMB Bank n.a. now owns 289 shares of the business services provider’s stock worth $35,000 after buying an additional 144 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in shares of TD SYNNEX in the third quarter worth approximately $37,000. Blue Trust Inc. raised its position in TD SYNNEX by 52.3% during the second quarter. Blue Trust Inc. now owns 358 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 123 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in TD SYNNEX by 217.5% in the second quarter. GAMMA Investing LLC now owns 454 shares of the business services provider’s stock valued at $52,000 after buying an additional 311 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Insider Transactions at TD SYNNEX

In other news, Director Ann F. Vezina sold 1,937 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.11, for a total value of $234,590.07. Following the sale, the director now directly owns 5,695 shares of the company’s stock, valued at $689,721.45. The trade was a 25.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dennis Polk sold 15,689 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the completion of the sale, the insider now directly owns 134,706 shares of the company’s stock, valued at $15,751,172.58. This represents a 10.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,645 shares of company stock valued at $8,414,329 over the last ninety days. 1.90% of the stock is currently owned by insiders.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $123.00 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $119.24 and a two-hundred day moving average price of $119.57. TD SYNNEX Co. has a fifty-two week low of $96.93 and a fifty-two week high of $133.85. The firm has a market cap of $10.47 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 1.20 and a beta of 1.47.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Thursday, September 26th. The business services provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.06. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The business had revenue of $14.68 billion during the quarter, compared to analysts’ expectations of $14.11 billion. During the same quarter in the previous year, the firm earned $2.71 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts expect that TD SYNNEX Co. will post 11.03 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.30%. The ex-dividend date was Friday, October 11th. TD SYNNEX’s dividend payout ratio (DPR) is presently 20.70%.

Analysts Set New Price Targets

SNX has been the topic of several research reports. Barrington Research reiterated an “outperform” rating and set a $138.00 price objective on shares of TD SYNNEX in a research note on Monday, September 23rd. Barclays increased their target price on TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Loop Capital reaffirmed a “buy” rating and issued a $150.00 price target on shares of TD SYNNEX in a research note on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Friday, September 27th. Finally, StockNews.com raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $134.75.

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.