TD SYNNEX (NYSE:SNX) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

A number of other research firms have also commented on SNX. JPMorgan Chase & Co. increased their price target on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, January 13th. Barrington Research lifted their price objective on TD SYNNEX from $138.00 to $156.00 and gave the stock an “outperform” rating in a report on Thursday, March 20th. Barclays lifted their price target on TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Cfra raised shares of TD SYNNEX from a “hold” rating to a “buy” rating and upped their price target for the stock from $122.00 to $147.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada increased their price target on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and an average target price of $149.75.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $125.43 on Wednesday. TD SYNNEX has a twelve month low of $107.84 and a twelve month high of $145.10. The firm has a market capitalization of $10.58 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 1.06 and a beta of 1.51. The stock’s 50 day moving average is $136.91 and its 200-day moving average is $125.70. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46.

TD SYNNEX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 24th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.40%. This is an increase from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, January 24th. TD SYNNEX’s payout ratio is presently 22.11%.

Insider Buying and Selling

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the completion of the sale, the chief financial officer now directly owns 49,843 shares in the company, valued at $6,383,891.44. This trade represents a 2.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ann F. Vezina sold 839 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $136.08, for a total value of $114,171.12. Following the completion of the sale, the director now directly owns 4,856 shares in the company, valued at approximately $660,804.48. The trade was a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,172 shares of company stock valued at $6,353,261 over the last ninety days. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors have recently modified their holdings of the stock. Bartlett & CO. Wealth Management LLC increased its holdings in TD SYNNEX by 345.1% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock worth $27,000 after buying an additional 176 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 152 shares in the last quarter. UMB Bank n.a. grew its holdings in TD SYNNEX by 48.4% during the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock valued at $50,000 after buying an additional 140 shares in the last quarter. Point72 DIFC Ltd bought a new stake in TD SYNNEX in the 3rd quarter valued at $55,000. Finally, Blue Trust Inc. lifted its position in shares of TD SYNNEX by 37.7% in the fourth quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock worth $55,000 after buying an additional 129 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

About TD SYNNEX

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.