Panagora Asset Management Inc. grew its holdings in Tech Data Corp (NASDAQ:TECD) by 1,397.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,464 shares of the company’s stock after acquiring an additional 58,294 shares during the period. Panagora Asset Management Inc. owned about 0.16% of Tech Data worth $4,471,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in TECD. Principal Financial Group Inc. grew its stake in shares of Tech Data by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 153,743 shares of the company’s stock worth $13,089,000 after purchasing an additional 3,741 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Tech Data in the 2nd quarter worth approximately $2,550,000. Dupont Capital Management Corp acquired a new position in shares of Tech Data in the 2nd quarter worth approximately $395,000. Aperio Group LLC grew its stake in shares of Tech Data by 31.7% in the 2nd quarter. Aperio Group LLC now owns 55,772 shares of the company’s stock worth $4,580,000 after purchasing an additional 13,409 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in shares of Tech Data in the 2nd quarter worth approximately $363,000. Institutional investors and hedge funds own 97.12% of the company’s stock.
Tech Data stock opened at $83.91 on Friday. The company has a market capitalization of $3.22 billion, a PE ratio of 9.21, a PEG ratio of 0.90 and a beta of 0.74. The company has a current ratio of 1.24, a quick ratio of 0.85 and a debt-to-equity ratio of 0.46. Tech Data Corp has a fifty-two week low of $66.93 and a fifty-two week high of $108.62.
Tech Data (NASDAQ:TECD) last released its earnings results on Thursday, November 29th. The company reported $3.02 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.85. The business had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $8.92 billion. Tech Data had a net margin of 0.59% and a return on equity of 13.92%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $2.00 earnings per share. On average, equities research analysts predict that Tech Data Corp will post 10.7 earnings per share for the current fiscal year.
Tech Data announced that its board has approved a stock repurchase program on Tuesday, October 2nd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
TECD has been the topic of several recent research reports. Bank of America cut shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price objective on the stock. in a research note on Friday, August 31st. Needham & Company LLC dropped their target price on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 31st. Citigroup dropped their target price on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, August 31st. Zacks Investment Research downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Finally, BidaskClub downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $99.86.
In other news, Director Charles E. Adair sold 2,715 shares of Tech Data stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $90.72, for a total value of $246,304.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This article was first published by American Banking News and is owned by of American Banking News. If you are accessing this article on another domain, it was illegally stolen and reposted in violation of international copyright law. The original version of this article can be read at https://www.americanbankingnews.com/2018/12/08/tech-data-corp-tecd-shares-bought-by-panagora-asset-management-inc.html.
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.
Featured Article: Technical Analysis
Want to see what other hedge funds are holding TECD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tech Data Corp (NASDAQ:TECD).
Receive News & Ratings for Tech Data Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tech Data and related companies with MarketBeat.com's FREE daily email newsletter.