TD SYNNEX (NYSE:SNX) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of TD SYNNEX (NYSE:SNX) from a hold rating to a strong-buy rating in a report released on Monday,Zacks.com reports.

A number of other brokerages have also commented on SNX. UBS Group lifted their price target on TD SYNNEX from $187.00 to $193.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Royal Bank Of Canada lifted their price target on TD SYNNEX from $180.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, April 1st. The Goldman Sachs Group lifted their price target on TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Morgan Stanley lifted their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Finally, Barrington Research reissued an “outperform” rating and set a $182.00 price target on shares of TD SYNNEX in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus price target of $183.00.

TD SYNNEX Stock Performance

NYSE:SNX opened at $195.21 on Monday. The stock’s 50-day simple moving average is $162.76 and its 200 day simple moving average is $156.67. The firm has a market capitalization of $15.74 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 1.08 and a beta of 1.23. The company has a quick ratio of 0.75, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. TD SYNNEX has a twelve month low of $96.14 and a twelve month high of $197.58.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. During the same period last year, the firm posted $2.80 earnings per share. TD SYNNEX’s revenue was up 18.1% compared to the same quarter last year. On average, analysts anticipate that TD SYNNEX will post 11.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, April 15th. TD SYNNEX’s dividend payout ratio (DPR) is 15.96%.

Insider Buying and Selling

In other news, Director Richard T. Hume sold 25,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $160.67, for a total transaction of $4,016,750.00. Following the completion of the transaction, the director directly owned 47,515 shares in the company, valued at $7,634,235.05. This trade represents a 34.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Patrick Zammit sold 13,900 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $171.57, for a total value of $2,384,823.00. Following the transaction, the chief executive officer owned 170,928 shares of the company’s stock, valued at $29,326,116.96. This trade represents a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 79,140 shares of company stock valued at $12,953,944 over the last three months. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Hedge funds have recently made changes to their positions in the stock. Dorato Capital Management bought a new position in shares of TD SYNNEX during the fourth quarter worth about $27,000. Ossiam raised its position in shares of TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of TD SYNNEX during the fourth quarter worth about $28,000. Measured Wealth Private Client Group LLC bought a new position in shares of TD SYNNEX during the third quarter worth about $30,000. Finally, Lloyd Advisory Services LLC. bought a new position in shares of TD SYNNEX during the fourth quarter worth about $32,000. 84.00% of the stock is currently owned by institutional investors.

About TD SYNNEX

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.