TD SYNNEX (NYSE:SNX) Reaches New 12-Month Low After Earnings Miss

TD SYNNEX Co. (NYSE:SNX) hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $98.00 and last traded at $100.88, with a volume of 145646 shares traded. The stock had previously closed at $125.46.

The business services provider reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $14.79 billion. During the same quarter last year, the firm posted $2.99 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be paid a dividend of $0.44 per share. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SNX shares. Barclays reduced their price target on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating for the company in a report on Friday. Cfra decreased their target price on TD SYNNEX from $147.00 to $132.00 and set a “buy” rating for the company in a research report on Friday. UBS Group cut their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Friday. Royal Bank of Canada raised their price objective on TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group cut their target price on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $140.00.

Insider Buying and Selling at TD SYNNEX

In other news, Director Ann F. Vezina sold 839 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $136.08, for a total value of $114,171.12. Following the sale, the director now directly owns 4,856 shares of the company’s stock, valued at approximately $660,804.48. This represents a 14.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the transaction, the director now directly owns 111,080 shares of the company’s stock, valued at approximately $13,065,229.60. This represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,172 shares of company stock worth $6,353,261 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norges Bank bought a new stake in TD SYNNEX during the fourth quarter valued at $121,199,000. Ninety One UK Ltd raised its holdings in shares of TD SYNNEX by 75.4% in the 4th quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider’s stock valued at $277,316,000 after acquiring an additional 1,016,251 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of TD SYNNEX by 343.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after acquiring an additional 937,040 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of TD SYNNEX by 37.0% during the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after purchasing an additional 813,634 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of TD SYNNEX by 46.9% in the fourth quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock worth $201,235,000 after purchasing an additional 547,692 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Price Performance

The firm has a market capitalization of $8.81 billion, a PE ratio of 13.12, a P/E/G ratio of 1.06 and a beta of 1.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The business’s 50 day moving average is $135.67 and its two-hundred day moving average is $125.53.

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.