Barclays Issues Positive Forecast for TD SYNNEX (NYSE:SNX) Stock Price

TD SYNNEX (NYSE:SNX) had its target price hoisted by Barclays from $166.00 to $237.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the business services provider’s stock.

A number of other research analysts have also recently issued reports on the stock. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Barrington Research reaffirmed an “outperform” rating and issued a $182.00 target price on shares of TD SYNNEX in a report on Friday, March 27th. The Goldman Sachs Group increased their target price on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TD SYNNEX in a report on Monday, May 4th. Finally, Morgan Stanley increased their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, TD SYNNEX currently has a consensus rating of “Buy” and a consensus price target of $212.60.

TD SYNNEX Trading Up 5.8%

NYSE SNX opened at $260.46 on Friday. The stock has a market capitalization of $20.94 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.06 and a beta of 1.40. TD SYNNEX has a 52-week low of $118.35 and a 52-week high of $264.81. The firm has a 50-day moving average price of $210.50 and a 200 day moving average price of $174.32. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.80 earnings per share. Equities research analysts expect that TD SYNNEX will post 15.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a $0.48 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $1.92 annualized dividend and a dividend yield of 0.7%. TD SYNNEX’s dividend payout ratio is currently 15.96%.

Insider Buying and Selling at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the sale, the chief financial officer directly owned 14,035 shares in the company, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 167 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $157.75, for a total transaction of $26,344.25. Following the completion of the sale, the director owned 6,995 shares in the company, valued at $1,103,461.25. This represents a 2.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,417 shares of company stock valued at $3,559,726 over the last three months. Company insiders own 0.70% of the company’s stock.

Institutional Trading of TD SYNNEX

Large investors have recently modified their holdings of the business. Ossiam grew its position in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Dorato Capital Management acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $27,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of TD SYNNEX in the third quarter valued at approximately $30,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $28,000. Finally, SJS Investment Consulting Inc. grew its position in shares of TD SYNNEX by 44.6% in the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 62 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

About TD SYNNEX

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.