M&T Bank Corp Boosts Stake in TD SYNNEX Corporation $SNX

M&T Bank Corp raised its holdings in TD SYNNEX Corporation (NYSE:SNX) by 78.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,368 shares of the business services provider’s stock after purchasing an additional 2,800 shares during the quarter. M&T Bank Corp’s holdings in TD SYNNEX were worth $956,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cornerstone Wealth Management LLC raised its position in TD SYNNEX by 3.8% in the third quarter. Cornerstone Wealth Management LLC now owns 1,895 shares of the business services provider’s stock valued at $310,000 after purchasing an additional 69 shares during the period. Ashton Thomas Private Wealth LLC raised its position in TD SYNNEX by 3.5% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider’s stock valued at $317,000 after purchasing an additional 71 shares during the period. Jones Financial Companies Lllp raised its position in TD SYNNEX by 10.6% in the third quarter. Jones Financial Companies Lllp now owns 775 shares of the business services provider’s stock valued at $127,000 after purchasing an additional 74 shares during the period. Ossiam raised its position in TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Finally, BTC Capital Management Inc. raised its position in TD SYNNEX by 3.1% in the third quarter. BTC Capital Management Inc. now owns 2,996 shares of the business services provider’s stock valued at $491,000 after purchasing an additional 91 shares during the period. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard T. Hume sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $233.85, for a total transaction of $1,169,250.00. Following the completion of the transaction, the director directly owned 33,537 shares of the company’s stock, valued at $7,842,627.45. The trade was a 12.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the business’s stock in a transaction 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 transaction, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at $2,659,071.10. The trade was a 18.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 11,417 shares of company stock valued at $2,412,026. Company insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SNX. Weiss Ratings restated a “buy (b)” rating on shares of TD SYNNEX in a research report on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on TD SYNNEX from $185.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Barrington Research reaffirmed an “outperform” rating and issued a $182.00 price objective on shares of TD SYNNEX in a research note on Friday, March 27th. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, UBS Group lifted their price objective on TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.70.

TD SYNNEX Trading Up 0.1%

Shares of NYSE SNX opened at $239.41 on Monday. TD SYNNEX Corporation has a twelve month low of $117.45 and a twelve month high of $240.47. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The stock has a fifty day simple moving average of $184.68 and a 200-day simple moving average of $165.10. The stock has a market capitalization of $19.25 billion, a PE ratio of 19.90, a PEG ratio of 1.04 and a beta of 1.40.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. During the same period in the previous year, the firm posted $2.80 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. On average, equities analysts forecast that TD SYNNEX Corporation will post 15.69 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s payout ratio is presently 15.96%.

TD SYNNEX Profile

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.