Richard Hume Sells 5,000 Shares of TD SYNNEX (NYSE:SNX) Stock

TD SYNNEX Corporation (NYSE:SNX) Director Richard Hume sold 5,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the completion of the sale, the director owned 23,537 shares of the company’s stock, valued at $6,599,304.06. This trade represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $277.69 on Friday. The firm has a 50-day simple moving average of $220.07 and a 200-day simple moving average of $178.01. The stock has a market capitalization of $22.32 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.43. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. TD SYNNEX Corporation has a 52 week low of $120.19 and a 52 week high of $286.25.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the prior year, the firm posted $2.80 earnings per share. TD SYNNEX’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities analysts predict that TD SYNNEX Corporation will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were issued a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.7%. TD SYNNEX’s dividend payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings raised shares of TD SYNNEX from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a report on Friday, March 20th. JPMorgan Chase & Co. raised shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price on the stock in a report on Wednesday, May 27th. UBS Group raised their target price on shares of TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus price target of $212.60.

Hedge Funds Weigh In On TD SYNNEX

Hedge funds have recently modified their holdings of the business. Concentric Capital Strategies LP purchased a new position in shares of TD SYNNEX during the third quarter worth approximately $18,036,000. Envestnet Asset Management Inc. grew its position in shares of TD SYNNEX by 11.1% during the third quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider’s stock worth $13,587,000 after acquiring an additional 8,264 shares during the last quarter. Fieldview Capital Management LLC purchased a new position in shares of TD SYNNEX during the third quarter worth approximately $1,318,000. Citigroup Inc. grew its position in shares of TD SYNNEX by 12.0% during the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock worth $13,608,000 after acquiring an additional 8,914 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of TD SYNNEX during the fourth quarter worth approximately $1,507,000. 84.00% of the stock is currently owned by hedge funds and other 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.