Sumitomo Mitsui Trust Group Inc. Takes Position in TD SYNNEX Corporation (NYSE:SNX)

Sumitomo Mitsui Trust Group Inc. purchased a new position in TD SYNNEX Corporation (NYSE:SNX) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 13,115 shares of the business services provider’s stock, valued at approximately $1,363,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bessemer Group Inc. increased its holdings in TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock worth $28,000 after buying an additional 152 shares during the period. Versant Capital Management Inc increased its holdings in TD SYNNEX by 115.1% in the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider’s stock worth $36,000 after buying an additional 183 shares during the period. Jones Financial Companies Lllp increased its holdings in TD SYNNEX by 196.5% in the 4th quarter. Jones Financial Companies Lllp now owns 507 shares of the business services provider’s stock worth $59,000 after buying an additional 336 shares during the period. Amundi increased its holdings in TD SYNNEX by 22.3% in the 4th quarter. Amundi now owns 560 shares of the business services provider’s stock worth $66,000 after buying an additional 102 shares during the period. Finally, State of Wyoming increased its holdings in TD SYNNEX by 51.9% in the 4th quarter. State of Wyoming now owns 594 shares of the business services provider’s stock worth $70,000 after buying an additional 203 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

Insider Activity at TD SYNNEX

In related news, Director Richard T. Hume sold 63,310 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $136.23, for a total value of $8,624,721.30. Following the completion of the transaction, the director directly owned 67,515 shares of the company’s stock, valued at approximately $9,197,568.45. This represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marshall Witt sold 1,509 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total value of $189,153.15. Following the completion of the transaction, the chief financial officer directly owned 49,563 shares of the company’s stock, valued at approximately $6,212,722.05. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,819 shares of company stock valued at $9,143,874. 1.00% of the stock is owned by insiders.

TD SYNNEX Trading Up 0.7%

Shares of NYSE:SNX opened at $140.21 on Friday. TD SYNNEX Corporation has a 1 year low of $92.23 and a 1 year high of $145.10. The firm has a market capitalization of $11.56 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. The business’s 50 day moving average price is $124.32 and its 200-day moving average price is $124.90.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same quarter last year, the firm posted $2.73 EPS. The business’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Friday, July 11th. TD SYNNEX’s dividend payout ratio is currently 20.56%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SNX shares. Cfra cut their price target on shares of TD SYNNEX from $147.00 to $132.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Barrington Research restated an “outperform” rating and issued a $156.00 price objective on shares of TD SYNNEX in a research report on Monday, June 23rd. Morgan Stanley set a $155.00 price objective on TD SYNNEX and gave the stock an “overweight” rating in a research report on Wednesday, June 25th. Royal Bank Of Canada restated an “outperform” rating and issued a $145.00 price objective on shares of TD SYNNEX in a research report on Wednesday, June 25th. Finally, The Goldman Sachs Group lowered their price objective on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus target price of $142.56.

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.