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

Shares of TD SYNNEX Corporation (NYSE:SNX) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $233.10.

A number of equities analysts recently issued reports on SNX shares. UBS Group upped their price target on TD SYNNEX from $265.00 to $310.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Zacks Research downgraded shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price for the company in a report on Wednesday, May 27th. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Finally, Morgan Stanley lifted their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th.

TD SYNNEX Stock Down 1.0%

Shares of NYSE SNX opened at $281.78 on Wednesday. The business has a 50-day moving average of $236.81 and a two-hundred day moving average of $185.21. The company has a market capitalization of $22.65 billion, a price-to-earnings ratio of 23.42, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43. TD SYNNEX has a 1 year low of $123.28 and a 1 year high of $288.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 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 quarter in the prior year, the business posted $2.80 EPS. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts forecast that TD SYNNEX will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

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

Insider Transactions at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of the business’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the sale, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. The trade was a 18.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miriam Anne Murphy sold 3,025 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the sale, the insider directly owned 10,820 shares of the company’s stock, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 21,250 shares of company stock worth $4,935,282. Corporate insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

A number of hedge funds have recently modified their holdings of SNX. Parallel Advisors LLC boosted its stake in TD SYNNEX by 11.1% during the 1st quarter. Parallel Advisors LLC now owns 1,692 shares of the business services provider’s stock worth $285,000 after purchasing an additional 169 shares during the period. NewEdge Advisors LLC increased its stake in TD SYNNEX by 1.2% in the first quarter. NewEdge Advisors LLC now owns 347,399 shares of the business services provider’s stock valued at $58,610,000 after purchasing an additional 4,108 shares during the period. Essential Partners LLC raised its holdings in shares of TD SYNNEX by 644.4% in the first quarter. Essential Partners LLC now owns 201 shares of the business services provider’s stock valued at $34,000 after buying an additional 174 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of TD SYNNEX by 58.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,456 shares of the business services provider’s stock worth $246,000 after buying an additional 535 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of TD SYNNEX by 20.5% during the first quarter. California State Teachers Retirement System now owns 84,220 shares of the business services provider’s stock worth $14,209,000 after buying an additional 14,343 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other 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.