TD SYNNEX (NYSE:SNX) Reaches New 12-Month High After Dividend Announcement

TD SYNNEX Co. (NYSE:SNX) shares reached a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $110.21 and last traded at $109.85, with a volume of 196836 shares traded. The stock had previously closed at $105.44.

The newly announced dividend which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Thursday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is presently 23.22%.

Wall Street Analysts Forecast Growth

SNX has been the topic of a number of research analyst reports. Barclays boosted their price target on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Cfra raised their price target on shares of TD SYNNEX from $110.00 to $113.00 and gave the stock a “hold” rating in a report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and set a $118.00 price objective (up from $110.00) on shares of TD SYNNEX in a report on Wednesday. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, JPMorgan Chase & Co. downgraded TD SYNNEX from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $112.00 to $113.00 in a research note on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, TD SYNNEX presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.33.

TD SYNNEX Trading Up 3.3 %

The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 1.07 and a beta of 1.63. The company 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 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.57. The company had revenue of $14.41 billion during the quarter, compared to the consensus estimate of $14.54 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. TD SYNNEX’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $3.30 earnings per share. As a group, research analysts expect that TD SYNNEX Co. will post 11.17 EPS for the current year.

Insider Buying and Selling at TD SYNNEX

In other news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares of the company’s stock, valued at approximately $2,654,534,473.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Dennis Polk sold 6,701 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $103.84, for a total transaction of $695,831.84. Following the completion of the sale, the insider now owns 135,092 shares of the company’s stock, valued at $14,027,953.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the firm’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the completion of the transaction, the insider now directly owns 26,153,049 shares in the company, valued at $2,654,534,473.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,289,905 shares of company stock valued at $232,556,362. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

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