TD SYNNEX (NYSE:SNX) Announces Quarterly Earnings Results

TD SYNNEX (NYSE:SNX) released its quarterly earnings results on Thursday. The business services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates of $4.14 by $0.71, FiscalAI reports. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The firm had revenue of $19.57 billion during the quarter, compared to the consensus estimate of $16.80 billion.

TD SYNNEX Stock Performance

Shares of NYSE SNX opened at $282.13 on Thursday. 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 company has a market capitalization of $22.68 billion, a P/E ratio of 23.45, a P/E/G ratio of 1.19 and a beta of 1.43. TD SYNNEX has a 12 month low of $133.71 and a 12 month high of $296.47. The stock has a 50 day moving average of $247.10 and a 200-day moving average of $190.78.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio (DPR) is presently 15.96%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of TD SYNNEX stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the completion of the transaction, the director directly owned 23,537 shares of the company’s stock, valued at $6,599,304.06. The trade was a 17.52% decrease in their ownership of the stock. 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 company’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the transaction, the chief financial officer owned 14,035 shares in the company, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 21,250 shares of company stock worth $4,935,282. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its position in shares of TD SYNNEX by 1.0% in the fourth quarter. Quadrant Capital Group LLC now owns 7,588 shares of the business services provider’s stock valued at $1,140,000 after purchasing an additional 73 shares during the last quarter. Ossiam grew its holdings in TD SYNNEX by 84.3% in the 3rd quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in TD SYNNEX by 0.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 10,833 shares of the business services provider’s stock worth $1,627,000 after buying an additional 92 shares during the period. Advisory Services Network LLC increased its position in TD SYNNEX by 6.9% during the 4th quarter. Advisory Services Network LLC now owns 1,495 shares of the business services provider’s stock worth $225,000 after buying an additional 96 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of TD SYNNEX by 17.4% during the second quarter. EverSource Wealth Advisors LLC now owns 852 shares of the business services provider’s stock worth $116,000 after buying an additional 126 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SNX. Barrington Research restated an “outperform” rating on shares of TD SYNNEX in a report on Tuesday, June 16th. Royal Bank Of Canada increased their price objective on shares of TD SYNNEX from $250.00 to $315.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 10th. Morgan Stanley lifted their target price on TD SYNNEX from $271.00 to $341.00 and gave the company an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group upped their target price on TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Finally, Zacks Research cut TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus target price of $249.80.

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.