TD SYNNEX (SNX) to Release Quarterly Earnings on Tuesday

TD SYNNEX (NYSE:SNX) is scheduled to announce its earnings results before the market opens on Tuesday, September 26th. Analysts expect the company to announce earnings of $2.40 per share for the quarter. TD SYNNEX has set its Q3 guidance at $2.20-2.70 EPS and its Q3 2023 guidance at $2.20-$2.70 EPS.Investors interested in participating in the company’s conference call can do so using this link.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, June 27th. The business services provider reported $2.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.55 by ($0.12). TD SYNNEX had a net margin of 1.10% and a return on equity of 13.25%. The company had revenue of $14.06 billion during the quarter, compared to the consensus estimate of $14.42 billion. During the same period in the prior year, the company posted $2.66 EPS. TD SYNNEX’s quarterly revenue was down 7.9% on a year-over-year basis. On average, analysts expect TD SYNNEX to post $10 EPS for the current fiscal year and $12 EPS for the next fiscal year.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $100.81 on Tuesday. The company’s fifty day moving average is $99.18 and its two-hundred day moving average is $94.64. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. TD SYNNEX has a 12-month low of $78.86 and a 12-month high of $111.57. The company has a market cap of $9.45 billion, a P/E ratio of 14.36, a price-to-earnings-growth ratio of 1.15 and a beta of 1.61.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend was Thursday, July 13th. TD SYNNEX’s dividend payout ratio (DPR) is currently 19.94%.

Insider Buying and Selling

In related news, CFO Marshall Witt sold 1,082 shares of TD SYNNEX stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $100.37, for a total transaction of $108,600.34. Following the sale, the chief financial officer now directly owns 50,893 shares of the company’s stock, valued at $5,108,130.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, major shareholder Apollo Management Holdings Gp, sold 2,300,000 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $94.50, for a total value of $217,350,000.00. Following the completion of the transaction, the insider now owns 35,499,882 shares in the company, valued at $3,354,738,849. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 1,082 shares of TD SYNNEX stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $100.37, for a total transaction of $108,600.34. Following the completion of the transaction, the chief financial officer now owns 50,893 shares of the company’s stock, valued at approximately $5,108,130.41. The disclosure for this sale can be found here. Insiders have sold a total of 2,355,766 shares of company stock valued at $222,785,736 over the last three months. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Apollo Management Holdings L.P. bought a new position in TD SYNNEX in the 1st quarter worth approximately $3,622,519,000. BlackRock Inc. raised its position in TD SYNNEX by 4.8% in the 1st quarter. BlackRock Inc. now owns 4,384,593 shares of the business services provider’s stock worth $424,385,000 after purchasing an additional 199,876 shares during the last quarter. Vanguard Group Inc. grew its holdings in TD SYNNEX by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,215,710 shares of the business services provider’s stock worth $342,274,000 after acquiring an additional 84,548 shares during the period. State Street Corp grew its holdings in TD SYNNEX by 4.4% during the 1st quarter. State Street Corp now owns 1,251,573 shares of the business services provider’s stock worth $121,140,000 after acquiring an additional 52,348 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in TD SYNNEX by 3.5% during the 1st quarter. JPMorgan Chase & Co. now owns 990,206 shares of the business services provider’s stock worth $95,840,000 after acquiring an additional 33,893 shares during the period. Institutional investors own 84.00% of the company’s stock.

Analysts Set New Price Targets

SNX has been the subject of several recent research reports. Barclays cut their price objective on TD SYNNEX from $103.00 to $98.00 in a report on Wednesday, June 28th. Royal Bank of Canada cut their price objective on TD SYNNEX from $98.00 to $97.00 in a report on Monday, July 10th. Loop Capital cut their price objective on TD SYNNEX from $150.00 to $120.00 in a report on Wednesday, July 5th. Credit Suisse Group cut their price objective on TD SYNNEX from $106.00 to $90.00 in a report on Wednesday, June 28th. Finally, Bank of America cut their price objective on TD SYNNEX from $120.00 to $115.00 in a report on Wednesday, June 28th. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus target price of $108.27.

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.