TD SYNNEX (NYSE:SNX) Given New $118.00 Price Target at Barclays

TD SYNNEX (NYSE:SNX) had its target price raised by Barclays from $111.00 to $118.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

Other research analysts have also issued reports about the company. StockNews.com raised TD SYNNEX from a hold rating to a buy rating in a research report on Thursday, December 21st. Royal Bank of Canada boosted their price objective on shares of TD SYNNEX from $97.00 to $110.00 and gave the stock a sector perform rating in a research note on Wednesday, January 10th. Cfra raised their target price on shares of TD SYNNEX from $110.00 to $113.00 and gave the company a hold rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. downgraded TD SYNNEX from an overweight rating to a neutral rating and upped their price target for the stock from $112.00 to $113.00 in a research report on Monday, January 8th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, TD SYNNEX currently has a consensus rating of Moderate Buy and a consensus price target of $114.33.

TD SYNNEX Stock Up 3.3 %

Shares of SNX opened at $116.03 on Wednesday. The firm has a fifty day moving average price of $103.43 and a 200-day moving average price of $100.94. The company has a current ratio of 1.20, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $10.34 billion, a P/E ratio of 17.29, a P/E/G ratio of 1.01 and a beta of 1.63. TD SYNNEX has a 12-month low of $86.30 and a 12-month high of $116.05.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.57. The business had revenue of $14.41 billion during the quarter, compared to analysts’ expectations of $14.54 billion. TD SYNNEX had a return on equity of 12.34% and a net margin of 1.09%. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $3.30 EPS. Equities research analysts expect that TD SYNNEX will post 11.17 earnings per share for the current year.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. TD SYNNEX’s dividend payout ratio is presently 23.85%.

Insiders Place Their Bets

In other news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the company’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total value of $228,375,000.00. Following the sale, the insider now owns 26,153,049 shares in the company, valued at $2,654,534,473.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other TD SYNNEX news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $101.50, for a total value of $228,375,000.00. Following the completion of the transaction, the insider now owns 26,153,049 shares in the company, valued at $2,654,534,473.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Richard T. Hume sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.57, for a total value of $1,055,700.00. Following the sale, the chief executive officer now owns 229,363 shares in the company, valued at $24,213,851.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,289,905 shares of company stock valued at $232,556,362. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SNX. SummerHaven Investment Management LLC lifted its holdings in TD SYNNEX by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 7,499 shares of the business services provider’s stock valued at $807,000 after purchasing an additional 102 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of TD SYNNEX by 4.3% in the first quarter. Captrust Financial Advisors now owns 3,202 shares of the business services provider’s stock valued at $330,000 after acquiring an additional 133 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of TD SYNNEX by 0.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 18,687 shares of the business services provider’s stock worth $1,702,000 after acquiring an additional 140 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of TD SYNNEX by 0.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 35,805 shares of the business services provider’s stock worth $3,391,000 after purchasing an additional 141 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in TD SYNNEX by 0.6% in the 4th quarter. Teacher Retirement System of Texas now owns 23,242 shares of the business services provider’s stock valued at $2,501,000 after purchasing an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

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.