Geode Capital Management LLC Grows Stake in TD SYNNEX Corporation $SNX

Geode Capital Management LLC increased its position in TD SYNNEX Corporation (NYSE:SNX) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,532,784 shares of the business services provider’s stock after purchasing an additional 99,090 shares during the quarter. Geode Capital Management LLC owned approximately 1.90% of TD SYNNEX worth $230,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNX. Alyeska Investment Group L.P. purchased a new position in shares of TD SYNNEX in the 3rd quarter valued at approximately $135,631,000. Victory Capital Management Inc. lifted its stake in shares of TD SYNNEX by 123.6% in the 3rd quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider’s stock valued at $119,263,000 after purchasing an additional 402,573 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of TD SYNNEX in the 4th quarter valued at approximately $60,104,000. Marshall Wace LLP lifted its stake in shares of TD SYNNEX by 6,626.0% in the 3rd quarter. Marshall Wace LLP now owns 402,754 shares of the business services provider’s stock valued at $65,951,000 after purchasing an additional 396,766 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of TD SYNNEX by 365.9% in the 3rd quarter. Wellington Management Group LLP now owns 373,101 shares of the business services provider’s stock valued at $61,095,000 after purchasing an additional 293,027 shares during the period. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barrington Research restated an “outperform” rating and issued a $182.00 target price on shares of TD SYNNEX in a research note on Friday, March 27th. The Goldman Sachs Group raised their target price on TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. JPMorgan Chase & Co. upgraded TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price for the company in a research note on Wednesday, May 27th. Barclays raised their target price on TD SYNNEX from $166.00 to $237.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Finally, Zacks Research upgraded TD SYNNEX from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $212.60.

Insider Activity at TD SYNNEX

In related news, Director Richard T. Hume sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the completion of the transaction, the director owned 28,537 shares of the company’s stock, valued at $6,550,382.98. This trade represents a 14.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the firm’s 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 transaction, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,250 shares of company stock valued at $3,533,382 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.

TD SYNNEX Stock Up 3.4%

SNX stock opened at $279.67 on Wednesday. TD SYNNEX Corporation has a twelve month low of $118.90 and a twelve month high of $286.25. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. The firm has a market cap of $22.48 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43. The business has a 50 day moving average of $212.80 and a 200 day moving average of $175.31.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The company had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter last year, the company earned $2.80 EPS. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, research analysts forecast that TD SYNNEX Corporation will post 15.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio (DPR) is 15.96%.

TD SYNNEX Profile

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.