TD SYNNEX (NYSE:SNX) Cut to Hold at StockNews.com

StockNews.com downgraded shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research note issued to investors on Monday.

SNX has been the topic of several other research reports. Barclays increased their target price on TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Barrington Research reaffirmed an “outperform” rating and issued a $138.00 price target on shares of TD SYNNEX in a research report on Monday, September 23rd. Loop Capital reaffirmed a “buy” rating and issued a $150.00 price target on shares of TD SYNNEX in a research report on Monday, October 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price target on shares of TD SYNNEX in a research report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $134.75.

TD SYNNEX Price Performance

SNX opened at $123.06 on Monday. The stock’s 50-day moving average price is $119.71 and its 200 day moving average price is $119.37. TD SYNNEX has a 12-month low of $98.70 and a 12-month high of $133.85. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm has a market cap of $10.47 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 1.14 and a beta of 1.47.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.06. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The firm had revenue of $14.68 billion for the quarter, compared to analyst estimates of $14.11 billion. During the same quarter in the prior year, the company earned $2.71 EPS. TD SYNNEX’s revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts expect that TD SYNNEX will post 11.03 earnings per share for the current year.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.30%. TD SYNNEX’s payout ratio is currently 20.70%.

Insider Activity

In related news, insider Dennis Polk sold 15,689 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the transaction, the insider now owns 134,706 shares in the company, valued at $15,751,172.58. This trade represents a 10.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Simon Leung sold 6,249 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the transaction, the insider now owns 23,339 shares in the company, valued at $2,874,664.63. This represents a 21.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,645 shares of company stock worth $8,415,189. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in TD SYNNEX by 18.4% during the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock worth $891,665,000 after buying an additional 1,154,651 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of TD SYNNEX by 58.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock valued at $313,469,000 after purchasing an additional 1,006,569 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of TD SYNNEX by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,239,852 shares of the business services provider’s stock valued at $258,482,000 after purchasing an additional 177,460 shares during the last quarter. State Street Corp grew its stake in shares of TD SYNNEX by 0.7% in the 3rd quarter. State Street Corp now owns 2,189,732 shares of the business services provider’s stock valued at $262,943,000 after purchasing an additional 15,995 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of TD SYNNEX by 21.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,546,105 shares of the business services provider’s stock valued at $178,421,000 after purchasing an additional 269,759 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Company Profile

TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem. The company offers personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software; and data center technologies, such as hybrid cloud, security, storage, networking, servers, technology software, and converged and hyper-converged infrastructure, as well as computing components.