TD SYNNEX (NYSE:SNX) Sets New 1-Year High on Analyst Upgrade

TD SYNNEX Co. (NYSE:SNX) reached a new 52-week high on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $134.97 and last traded at $134.19, with a volume of 65583 shares. The stock had previously closed at $132.84.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their price objective on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Monday. Barclays boosted their price target on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of TD SYNNEX in a research note on Tuesday, January 7th. Loop Capital reiterated a “buy” rating and set a $150.00 target price on shares of TD SYNNEX in a research report on Monday, October 7th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research note on Monday, September 23rd. Two research analysts have rated the stock with a hold rating and seven 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 a consensus price target of $144.38.

Insiders Place Their Bets

In other news, insider Simon Leung sold 6,249 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total transaction of $769,689.33. Following the completion of the sale, the insider now owns 23,339 shares of the company’s stock, valued at $2,874,664.63. This trade represents a 21.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the transaction, the director now owns 111,080 shares in the company, valued at $13,065,229.60. The trade was a 15.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,876 shares of company stock worth $5,782,129. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently bought and sold shares of SNX. CIBC Asset Management Inc grew its stake in shares of TD SYNNEX by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,609 shares of the business services provider’s stock valued at $313,000 after buying an additional 86 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in TD SYNNEX by 3.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,727 shares of the business services provider’s stock worth $315,000 after acquiring an additional 90 shares in the last quarter. AlphaMark Advisors LLC grew its stake in TD SYNNEX by 1.3% in the third quarter. AlphaMark Advisors LLC now owns 7,734 shares of the business services provider’s stock valued at $929,000 after acquiring an additional 100 shares during the period. Atria Investments Inc increased its holdings in shares of TD SYNNEX by 4.1% during the third quarter. Atria Investments Inc now owns 2,862 shares of the business services provider’s stock valued at $344,000 after acquiring an additional 112 shares in the last quarter. Finally, Meixler Investment Management Ltd. raised its position in shares of TD SYNNEX by 2.1% during the third quarter. Meixler Investment Management Ltd. now owns 5,814 shares of the business services provider’s stock worth $698,000 after purchasing an additional 120 shares during the period. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Trading Up 2.4 %

The business has a fifty day moving average of $120.48 and a 200-day moving average of $118.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The company has a market capitalization of $11.57 billion, a P/E ratio of 17.59, a PEG ratio of 1.14 and a beta of 1.46.

TD SYNNEX Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 24th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, January 24th. TD SYNNEX’s dividend payout ratio (DPR) is 22.11%.

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.