Comerica Bank reduced its holdings in shares of Tech Data Corp (NASDAQ:TECD) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 129,221 shares of the company’s stock after selling 2,096 shares during the quarter. Comerica Bank owned 0.34% of Tech Data worth $9,168,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Legal & General Group Plc boosted its stake in shares of Tech Data by 0.7% in the second quarter. Legal & General Group Plc now owns 86,760 shares of the company’s stock valued at $7,125,000 after purchasing an additional 616 shares during the period. Suntrust Banks Inc. raised its holdings in Tech Data by 24.5% in the first quarter. Suntrust Banks Inc. now owns 3,475 shares of the company’s stock valued at $294,000 after acquiring an additional 684 shares in the last quarter. Commonwealth Bank of Australia raised its holdings in Tech Data by 4.1% in the second quarter. Commonwealth Bank of Australia now owns 17,726 shares of the company’s stock valued at $1,395,000 after acquiring an additional 700 shares in the last quarter. Arizona State Retirement System raised its holdings in Tech Data by 3.0% in the second quarter. Arizona State Retirement System now owns 24,197 shares of the company’s stock valued at $1,987,000 after acquiring an additional 709 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its holdings in Tech Data by 2.8% in the second quarter. Mutual of America Capital Management LLC now owns 30,624 shares of the company’s stock valued at $2,515,000 after acquiring an additional 833 shares in the last quarter. Institutional investors and hedge funds own 95.38% of the company’s stock.
Several research firms recently issued reports on TECD. BidaskClub raised shares of Tech Data from a “hold” rating to a “buy” rating in a report on Wednesday. TheStreet cut shares of Tech Data from a “b-” rating to a “c+” rating in a report on Monday, October 1st. Zacks Investment Research cut shares of Tech Data from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Citigroup cut their price target on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, August 31st. Finally, Needham & Company LLC cut their price target on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, August 31st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $100.14.
TECD opened at $75.12 on Friday. The firm has a market capitalization of $2.90 billion, a P/E ratio of 8.25, a P/E/G ratio of 1.01 and a beta of 0.67. 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 12-month low of $66.93 and a 12-month high of $108.62.
Tech Data (NASDAQ:TECD) last issued 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 business had revenue of $8.89 billion for the quarter, compared to analyst estimates of $8.73 billion. Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the company posted $1.74 earnings per share. As a group, equities research analysts anticipate that Tech Data Corp will post 9.96 EPS for the current fiscal year.
Tech Data announced that its Board of Directors has authorized a share buyback program on Tuesday, October 2nd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 7.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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Tech Data Company 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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