First Trust Advisors LP increased its holdings in Tech Data Corp (NASDAQ:TECD) by 14.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,529 shares of the company’s stock after purchasing an additional 3,696 shares during the period. First Trust Advisors LP owned 0.08% of Tech Data worth $2,113,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Stevens Capital Management LP acquired a new position in Tech Data in the second quarter valued at $221,000. Quantitative Systematic Strategies LLC acquired a new position in Tech Data in the second quarter valued at $230,000. Country Club Trust Company n.a. acquired a new position in Tech Data in the second quarter valued at $333,000. Alps Advisors Inc. acquired a new position in Tech Data in the second quarter valued at $363,000. Finally, Jaffetilchin Investment Partners LLC acquired a new position in Tech Data in the third quarter valued at $366,000. 96.80% of the stock is owned by institutional investors and hedge funds.
TECD has been the topic of a number of research analyst reports. Zacks Investment Research cut Tech Data from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. BidaskClub cut Tech Data from a “buy” rating to a “hold” rating in a report on Tuesday, November 13th. ValuEngine upgraded Tech Data from a “strong sell” rating to a “sell” rating in a report on Friday, November 16th. Needham & Company LLC reduced their target price on Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, August 31st. Finally, TheStreet cut Tech Data from a “b-” rating to a “c+” rating in a report on Monday, October 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Tech Data presently has an average rating of “Hold” and an average price target of $99.86.
Shares of TECD opened at $89.95 on Monday. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 9.87, a P/E/G ratio of 1.69 and a beta of 0.67. Tech Data Corp has a 12 month low of $66.93 and a 12 month high of $108.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.87 and a current ratio of 1.24.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings data on Thursday, November 29th. The company reported $3.02 EPS for the quarter, topping the Zacks’ consensus estimate of $2.17 by $0.85. The company had revenue of $9.34 billion for the quarter, compared to analysts’ expectations of $8.92 billion. Tech Data had a return on equity of 13.92% and a net margin of 0.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.00 earnings per share. As a group, equities research analysts predict that Tech Data Corp will post 10.17 earnings per share for the current fiscal year.
Tech Data declared that its Board of Directors has approved a share buyback program on Tuesday, October 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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About Tech Data
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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