BNP Paribas Financial Markets Acquires 37,504 Shares of TD SYNNEX Corporation $SNX

BNP Paribas Financial Markets lifted its holdings in TD SYNNEX Corporation (NYSE:SNX) by 284.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 50,690 shares of the business services provider’s stock after buying an additional 37,504 shares during the quarter. BNP Paribas Financial Markets’ holdings in TD SYNNEX were worth $7,615,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Concentric Capital Strategies LP bought a new position in TD SYNNEX during the third quarter valued at approximately $18,036,000. Envestnet Asset Management Inc. boosted its stake in TD SYNNEX by 11.1% during 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 buying an additional 8,264 shares during the last quarter. Fieldview Capital Management LLC bought a new position in TD SYNNEX during the third quarter valued at approximately $1,318,000. Citigroup Inc. boosted its stake in TD SYNNEX by 12.0% during the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock valued at $13,608,000 after buying an additional 8,914 shares during the last quarter. Finally, Algert Global LLC bought a new position in TD SYNNEX during the third quarter valued at approximately $7,140,000. Institutional investors own 84.00% of the company’s stock.

TD SYNNEX Trading Up 0.2%

Shares of SNX stock opened at $272.41 on Wednesday. TD SYNNEX Corporation has a 1 year low of $122.96 and a 1 year high of $286.25. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The stock’s 50 day simple moving average is $226.71 and its two-hundred day simple moving average is $180.63. The company has a market cap of $21.90 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) 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 business had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. During the same period in the prior year, the business posted $2.80 earnings per share. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. Research analysts predict that TD SYNNEX Corporation will post 15.88 earnings per share 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 issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio is presently 15.96%.

Insider Transactions 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 stock was 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 approximately $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the sale, the insider owned 10,820 shares in the company, valued at approximately $2,165,514.80. The trade was a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 21,250 shares of company stock worth $4,935,282. 0.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Morgan Stanley increased their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Barclays increased their price target 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. Weiss Ratings raised TD SYNNEX from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, June 2nd. Barrington Research reissued an “outperform” rating and set a $182.00 price target on shares of TD SYNNEX in a research note on Friday, March 27th. Finally, Zacks Research lowered TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, TD SYNNEX has an average rating of “Moderate Buy” and an average price target of $217.10.

TD SYNNEX Company 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.