TD SYNNEX (NYSE:SNX) Posts Quarterly Earnings Results, Beats Expectations By $1.49 EPS

TD SYNNEX (NYSE:SNX) announced its quarterly earnings data on Tuesday. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49, FiscalAI reports. TD SYNNEX had a net margin of 1.32% and a return on equity of 12.60%. The business had revenue of $17.16 billion for the quarter, compared to analysts’ expectations of $15.59 billion. During the same period last year, the firm posted $2.80 earnings per share. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $159.81 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 1.21 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $12.89 billion, a PE ratio of 16.03, a PEG ratio of 1.13 and a beta of 1.37. The stock’s 50 day moving average price is $158.73 and its 200-day moving average price is $155.17. TD SYNNEX has a twelve month low of $92.23 and a twelve month high of $175.56.

TD SYNNEX Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 16th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, January 16th. This is an increase from TD SYNNEX’s previous quarterly dividend of $0.44. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.2%. TD SYNNEX’s payout ratio is 19.26%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SNX shares. Barclays reduced their target price on TD SYNNEX from $164.00 to $163.00 and set an “equal weight” rating on the stock in a report on Friday, January 9th. The Goldman Sachs Group began coverage on shares of TD SYNNEX in a research note on Tuesday, January 13th. They issued a “buy” rating and a $180.00 price target on the stock. Zacks Research downgraded shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of TD SYNNEX in a research note on Monday, December 22nd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and an average price target of $174.70.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, 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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard T. Hume sold 23,365 shares of TD SYNNEX stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $160.63, for a total transaction of $3,753,119.95. Following the transaction, the director directly owned 42,515 shares in the company, valued at $6,829,184.45. This trade represents a 35.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 80,915 shares of company stock valued at $13,111,786 in the last 90 days. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Brooklyn Investment Group lifted its position in TD SYNNEX by 67.6% during the third quarter. Brooklyn Investment Group now owns 1,406 shares of the business services provider’s stock valued at $230,000 after buying an additional 567 shares during the period. Advisory Services Network LLC boosted its stake in TD SYNNEX by 6.9% during the fourth quarter. Advisory Services Network LLC now owns 1,495 shares of the business services provider’s stock worth $225,000 after acquiring an additional 96 shares in the last quarter. Integrated Quantitative Investments LLC purchased a new stake in TD SYNNEX in the fourth quarter worth about $210,000. United Capital Financial Advisors LLC bought a new position in shares of TD SYNNEX during the third quarter valued at approximately $210,000. Finally, BTG Pactual Asset Management US LLC purchased a new stake in shares of TD SYNNEX in the fourth quarter worth $205,000. Institutional investors 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.