TD SYNNEX Corporation (NYSE:SNX) Receives Average Rating of “Moderate Buy” from Analysts

TD SYNNEX Corporation (NYSE:SNX) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $197.70.

A number of equities research analysts have issued reports on SNX shares. JPMorgan Chase & Co. upped their target price on TD SYNNEX from $185.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TD SYNNEX in a research report on Monday, May 4th. Royal Bank Of Canada upped their target price on TD SYNNEX from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley upped their target price on TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th.

TD SYNNEX Stock Up 2.8%

Shares of TD SYNNEX stock opened at $237.30 on Friday. The stock has a market capitalization of $19.08 billion, a P/E ratio of 19.73, a PEG ratio of 1.01 and a beta of 1.40. 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 stock has a 50 day moving average price of $201.21 and a two-hundred day moving average price of $171.01. TD SYNNEX has a 12-month low of $118.35 and a 12-month high of $242.49.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 14.03% and a net margin of 1.52%.The company’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.80 earnings per share. Equities analysts expect that TD SYNNEX will post 15.69 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio is currently 15.96%.

Insiders Place Their Bets

In other news, Director Merline Saintil sold 167 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the completion of the sale, the director directly owned 6,995 shares of the company’s stock, valued at approximately $1,103,461.25. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard T. Hume sold 5,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $229.54, for a total value of $1,147,700.00. Following the completion of the sale, the director directly owned 28,537 shares of the company’s stock, valued at $6,550,382.98. This represents a 14.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 16,417 shares of company stock valued at $3,559,726 over the last ninety days. 0.70% of the stock is owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds have recently modified their holdings of the business. Thrivent Financial for Lutherans raised its stake in shares of TD SYNNEX by 7.7% in the third quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider’s stock valued at $162,568,000 after purchasing an additional 71,249 shares in the last quarter. Concentric Capital Strategies LP acquired a new position in shares of TD SYNNEX in the third quarter valued at $18,036,000. Envestnet Asset Management Inc. raised its stake in shares of TD SYNNEX by 11.1% in the third quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider’s stock valued at $13,587,000 after purchasing an additional 8,264 shares in the last quarter. Fieldview Capital Management LLC acquired a new position in shares of TD SYNNEX in the third quarter valued at $1,318,000. Finally, Citigroup Inc. raised its stake in shares of TD SYNNEX by 12.0% in the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock valued at $13,608,000 after purchasing an additional 8,914 shares in the last quarter. 84.00% of the stock is owned by institutional investors.

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.