TD SYNNEX (NYSE:SNX) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of TD SYNNEX (NYSE:SNX) in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a $140.00 price objective on the business services provider’s stock.

Other analysts also recently issued reports about the stock. Barclays increased their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday. Cfra upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating and upped their price objective for the stock from $122.00 to $147.00 in a research report on Friday, January 10th. Barrington Research restated an “outperform” rating and set a $138.00 price objective on shares of TD SYNNEX in a research report on Monday, September 23rd. Finally, Loop Capital restated a “buy” rating and set a $150.00 price objective on shares of TD SYNNEX in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, TD SYNNEX currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.38.

TD SYNNEX Stock Performance

Shares of NYSE SNX opened at $136.25 on Wednesday. The company’s fifty day moving average price is $121.08 and its 200 day moving average price is $118.29. TD SYNNEX has a 1 year low of $98.70 and a 1 year high of $138.04. The company has a market capitalization of $11.59 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25.

TD SYNNEX Increases Dividend

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

Insider Activity

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total transaction of $182,906.30. Following the completion of the transaction, the chief financial officer now owns 48,362 shares of the company’s stock, valued at $5,858,089.06. This trade represents a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David R. Vetter sold 20,000 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $123.14, for a total transaction of $2,462,800.00. Following the transaction, the insider now directly owns 66,381 shares of the company’s stock, valued at approximately $8,174,156.34. This trade represents a 23.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,876 shares of company stock worth $5,782,129 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SNX. Commonwealth Equity Services LLC purchased a new position in TD SYNNEX during the second quarter worth about $351,000. Daiwa Securities Group Inc. boosted its stake in shares of TD SYNNEX by 50.0% in the second quarter. Daiwa Securities Group Inc. now owns 900 shares of the business services provider’s stock valued at $104,000 after purchasing an additional 300 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of TD SYNNEX by 4.9% in the second quarter. State of New Jersey Common Pension Fund D now owns 28,577 shares of the business services provider’s stock valued at $3,298,000 after purchasing an additional 1,328 shares during the period. American Century Companies Inc. boosted its stake in shares of TD SYNNEX by 60.4% in the second quarter. American Century Companies Inc. now owns 87,470 shares of the business services provider’s stock valued at $10,094,000 after purchasing an additional 32,948 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of TD SYNNEX by 21.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 8,028 shares of the business services provider’s stock valued at $926,000 after purchasing an additional 1,426 shares during the period. 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.