TD SYNNEX (NYSE:SNX) Updates Q2 2024 Earnings Guidance

TD SYNNEX (NYSE:SNX) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.500-3.000 for the period, compared to the consensus earnings per share estimate of 2.780. The company issued revenue guidance of $13.3 billion-$14.9 billion, compared to the consensus revenue estimate of $14.3 billion. TD SYNNEX also updated its Q2 guidance to $2.50-3.00 EPS.

TD SYNNEX Trading Up 3.3 %

TD SYNNEX stock opened at $116.03 on Thursday. The firm has a 50-day moving average of $103.43 and a 200-day moving average of $100.94. TD SYNNEX has a one year low of $86.30 and a one year high of $116.05. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.77. The company has a market cap of $10.34 billion, a price-to-earnings ratio of 16.84, a P/E/G ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.57. TD SYNNEX had a net margin of 1.12% and a return on equity of 12.16%. The company had revenue of $14.41 billion during the quarter, compared to the consensus estimate of $14.54 billion. During the same period in the prior year, the business posted $3.30 EPS. The company’s quarterly revenue was down 11.3% on a year-over-year basis. On average, equities analysts expect that TD SYNNEX will post 11.17 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, April 11th. This represents a $1.60 annualized dividend and a dividend yield of 1.38%. TD SYNNEX’s dividend payout ratio is currently 23.22%.

Analyst Ratings Changes

SNX has been the topic of a number of research analyst reports. Cfra increased their price target on TD SYNNEX from $110.00 to $113.00 and gave the company a hold rating in a research note on Tuesday. StockNews.com upgraded TD SYNNEX from a hold rating to a buy rating in a research note on Thursday, December 21st. JPMorgan Chase & Co. cut TD SYNNEX from an overweight rating to a neutral rating and increased their price objective for the stock from $112.00 to $113.00 in a research report on Monday, January 8th. Barclays increased their price objective on TD SYNNEX from $111.00 to $118.00 and gave the stock an equal weight rating in a research report on Wednesday. Finally, Royal Bank of Canada reiterated a sector perform rating and set a $118.00 price objective (up previously from $110.00) on shares of TD SYNNEX in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, TD SYNNEX has an average rating of Moderate Buy and an average target price of $114.33.

Insider Activity at TD SYNNEX

In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the firm’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total value of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of TD SYNNEX stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.57, for a total value of $1,055,700.00. Following the sale, the chief executive officer now directly owns 229,363 shares in the company, valued at $24,213,851.91. The disclosure for this sale can be found here. Insiders have sold 2,289,905 shares of company stock valued at $232,556,362 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of TD SYNNEX by 26.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,902 shares of the business services provider’s stock worth $3,219,000 after acquiring an additional 6,255 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of TD SYNNEX by 20.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 22,084 shares of the business services provider’s stock worth $2,376,000 after acquiring an additional 3,733 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of TD SYNNEX by 13.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 2,525 shares of the business services provider’s stock worth $272,000 after acquiring an additional 302 shares during the period. Barclays PLC lifted its stake in shares of TD SYNNEX by 67.1% in the fourth quarter. Barclays PLC now owns 64,238 shares of the business services provider’s stock worth $6,912,000 after acquiring an additional 25,802 shares during the period. Finally, Atlas Capital Advisors LLC lifted its stake in shares of TD SYNNEX by 8.8% in the fourth quarter. Atlas Capital Advisors LLC now owns 2,361 shares of the business services provider’s stock worth $254,000 after acquiring an additional 191 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

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.