Raymond James & Associates lifted its holdings in shares of Tech Data Corp (NASDAQ:TECD) by 319.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,937 shares of the company’s stock after purchasing an additional 15,947 shares during the quarter. Raymond James & Associates owned about 0.05% of Tech Data worth $1,719,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of TECD. Mount Yale Investment Advisors LLC acquired a new stake in shares of Tech Data during the first quarter worth about $131,000. Stevens Capital Management LP purchased a new stake in shares of Tech Data during the second quarter worth approximately $221,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Tech Data during the second quarter worth approximately $230,000. Suntrust Banks Inc. increased its stake in shares of Tech Data by 24.5% during the first quarter. Suntrust Banks Inc. now owns 3,475 shares of the company’s stock worth $294,000 after buying an additional 684 shares during the period. Finally, Country Club Trust Company n.a. purchased a new stake in shares of Tech Data during the second quarter worth approximately $333,000. 96.80% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently weighed in on TECD. BidaskClub upgraded shares of Tech Data from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Zacks Investment Research lowered shares of Tech Data from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. ValuEngine upgraded shares of Tech Data from a “strong sell” rating to a “sell” rating in a research note on Monday, June 18th. TheStreet lowered shares of Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. Finally, Bank of America lowered shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 target price on the stock. in a research note on Friday, August 31st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $100.14.
TECD stock opened at $69.58 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.28. Tech Data Corp has a fifty-two week low of $68.26 and a fifty-two week high of $108.62. The company has a market cap of $2.74 billion, a P/E ratio of 7.64, a PEG ratio of 0.95 and a beta of 0.74.
Tech Data (NASDAQ:TECD) last released its earnings results on Thursday, August 30th. The company reported $2.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.11 by ($0.10). The firm had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.73 billion. Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.74 earnings per share. Analysts anticipate that Tech Data Corp will post 9.96 EPS for the current year.
Tech Data declared that its Board of Directors has approved a stock buyback plan on Tuesday, October 2nd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Tech Data Profile
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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