Short Interest in TD SYNNEX Co. (NYSE:SNX) Drops By 25.5%

TD SYNNEX Co. (NYSE:SNX) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 1,200,000 shares, a drop of 25.5% from the March 31st total of 1,610,000 shares. Based on an average daily trading volume, of 1,040,000 shares, the short-interest ratio is presently 1.2 days.

Analysts Set New Price Targets

Several research firms have recently issued reports on SNX. Bank of America raised their price target on TD SYNNEX from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Cfra raised their price objective on TD SYNNEX from $110.00 to $113.00 and gave the stock a “hold” rating in a research note on Tuesday, March 26th. Barclays raised their price objective on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 27th. Barrington Research raised their price objective on TD SYNNEX from $122.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Finally, JPMorgan Chase & Co. raised their price objective on TD SYNNEX from $113.00 to $126.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, TD SYNNEX has an average rating of “Moderate Buy” and a consensus target price of $121.82.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.57, for a total value of $1,055,700.00. Following the transaction, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Dennis Polk sold 20,000 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $118.10, for a total value of $2,362,000.00. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,908,778.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard T. Hume sold 10,000 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.57, for a total value of $1,055,700.00. Following the completion of the transaction, the chief executive officer now owns 229,363 shares in the company, valued at $24,213,851.91. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC bought a new position in TD SYNNEX during the first quarter worth about $32,000. Pineridge Advisors LLC bought a new position in TD SYNNEX during the fourth quarter worth about $33,000. Gladius Capital Management LP boosted its holdings in shares of TD SYNNEX by 50.8% during the third quarter. Gladius Capital Management LP now owns 742 shares of the business services provider’s stock worth $74,000 after acquiring an additional 250 shares during the period. Signaturefd LLC boosted its holdings in shares of TD SYNNEX by 28.9% during the third quarter. Signaturefd LLC now owns 954 shares of the business services provider’s stock worth $95,000 after acquiring an additional 214 shares during the period. Finally, CWM LLC boosted its holdings in shares of TD SYNNEX by 193.1% during the third quarter. CWM LLC now owns 1,102 shares of the business services provider’s stock worth $110,000 after acquiring an additional 726 shares during the period. Institutional investors own 84.00% of the company’s stock.

TD SYNNEX Stock Performance

SNX opened at $117.43 on Friday. The business’s 50-day moving average price is $109.12 and its two-hundred day moving average price is $103.28. TD SYNNEX has a 1 year low of $86.30 and a 1 year high of $119.87. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 1.10 and a beta of 1.64. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.75.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, March 26th. The business services provider reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.12. The company had revenue of $13.98 billion during the quarter, compared to analysts’ expectations of $14.37 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. Equities analysts expect that TD SYNNEX will post 11.38 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Thursday, April 11th. TD SYNNEX’s payout ratio is currently 23.22%.

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.