Brokerages Set TD SYNNEX Corporation (NYSE:SNX) Target Price at $233.10

TD SYNNEX Corporation (NYSE:SNX) has earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $233.10.

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective on the stock in a report on Wednesday, May 27th. Morgan Stanley upped their target price on TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Royal Bank Of Canada upped their target price on TD SYNNEX from $250.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. UBS Group upped their target price on TD SYNNEX from $265.00 to $310.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings lowered TD SYNNEX from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday.

TD SYNNEX Stock Performance

Shares of TD SYNNEX stock opened at $284.60 on Wednesday. The company has a market capitalization of $22.88 billion, a PE ratio of 23.66, a P/E/G ratio of 1.17 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The company has a 50-day simple moving average of $242.11 and a two-hundred day simple moving average of $188.01. TD SYNNEX has a one year low of $123.28 and a one year high of $291.01.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $15.59 billion. During the same quarter in the prior year, the company posted $2.80 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Research analysts expect that TD SYNNEX will post 15.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

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

Insider Activity at TD SYNNEX

In related news, CFO David Gregory Jordan sold 3,225 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares in the company, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard T. Hume sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the sale, the director owned 23,537 shares in the company, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,250 shares of company stock worth $4,935,282 over the last quarter. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its stake in shares of TD SYNNEX by 0.4% during the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock worth $388,535,000 after purchasing an additional 9,024 shares during the period. Ninety One UK Ltd grew its stake in shares of TD SYNNEX by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider’s stock worth $334,876,000 after purchasing an additional 258,630 shares during the period. LSV Asset Management grew its stake in shares of TD SYNNEX by 16.1% during the 4th quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider’s stock worth $313,471,000 after purchasing an additional 288,625 shares during the period. Geode Capital Management LLC grew its stake in shares of TD SYNNEX by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider’s stock worth $230,315,000 after purchasing an additional 99,090 shares during the period. Finally, Metropolis Capital Ltd grew its stake in shares of TD SYNNEX by 9.5% during the 1st quarter. Metropolis Capital Ltd now owns 1,281,307 shares of the business services provider’s stock worth $216,169,000 after purchasing an additional 111,222 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.