TD SYNNEX (NYSE:SNX) Cut to Hold at StockNews.com

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research note published on Wednesday morning.

SNX has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price objective on TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, January 13th. Barclays upped their price target on TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Royal Bank of Canada lifted their price objective on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Cfra upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating and boosted their price objective for the company from $122.00 to $147.00 in a report on Friday, January 10th. Finally, Barrington Research increased their target price on shares of TD SYNNEX from $138.00 to $156.00 and gave the stock an “outperform” rating in a report on Thursday, March 20th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, TD SYNNEX currently has a consensus rating of “Moderate Buy” and an average price target of $140.00.

TD SYNNEX Trading Down 2.9 %

SNX stock opened at $104.45 on Wednesday. The business has a fifty day moving average of $135.67 and a 200-day moving average of $125.53. The company has a market cap of $8.81 billion, a P/E ratio of 13.12, a PEG ratio of 1.06 and a beta of 1.51. TD SYNNEX has a twelve month low of $98.00 and a twelve month high of $145.10. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.87 by ($0.07). TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The firm had revenue of $14.53 billion for the quarter, compared to the consensus estimate of $14.79 billion. During the same period in the prior year, the firm posted $2.99 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities research analysts expect that TD SYNNEX will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be given a $0.44 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.76 annualized dividend and a yield of 1.68%. TD SYNNEX’s dividend payout ratio is currently 22.11%.

Insiders Place Their Bets

In other news, CEO Patrick Zammit sold 6,823 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total transaction of $975,689.00. Following the completion of the transaction, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at $23,681,372. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the completion of the sale, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. This trade represents a 2.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,172 shares of company stock worth $6,353,261. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds have recently modified their holdings of SNX. Wealth Enhancement Advisory Services LLC boosted its position in TD SYNNEX by 11.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,008 shares of the business services provider’s stock valued at $822,000 after purchasing an additional 708 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of TD SYNNEX in the 4th quarter valued at approximately $6,167,000. Forum Financial Management LP grew its stake in shares of TD SYNNEX by 10.0% in the fourth quarter. Forum Financial Management LP now owns 2,514 shares of the business services provider’s stock valued at $295,000 after buying an additional 229 shares in the last quarter. Vise Technologies Inc. acquired a new position in TD SYNNEX during the fourth quarter worth $276,000. Finally, CSS LLC IL raised its position in TD SYNNEX by 11.7% during the fourth quarter. CSS LLC IL now owns 11,896 shares of the business services provider’s stock worth $1,395,000 after acquiring an additional 1,250 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.