TD SYNNEX (NYSE:SNX) Reaches New 12-Month High – Should You Buy?
by Teresa Graham · The Cerbat GemTD SYNNEX Corporation (NYSE:SNX – Get Free Report)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $242.99 and last traded at $242.75, with a volume of 29482 shares. The stock had previously closed at $237.34.
Analyst Ratings Changes
Several equities analysts have recently commented on SNX shares. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings restated a “buy (b)” rating on shares of TD SYNNEX in a research report on Monday, May 4th. Zacks Research upgraded shares of TD SYNNEX from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. The Goldman Sachs Group increased their target price on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Barclays increased their target price on shares of TD SYNNEX from $163.00 to $166.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, TD SYNNEX currently has an average rating of “Buy” and a consensus price target of $205.50.
View Our Latest Report on TD SYNNEX
TD SYNNEX Stock Down 0.2%
The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The company has a market capitalization of $19.80 billion, a price-to-earnings ratio of 20.48, a P/E/G ratio of 1.05 and a beta of 1.40. The stock’s fifty day simple moving average is $206.51 and its two-hundred day simple moving average is $173.04.
TD SYNNEX (NYSE:SNX – Get Free Report) last issued its quarterly earnings results 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 net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. During the same period in the prior year, the company earned $2.80 EPS. TD SYNNEX’s revenue was up 18.1% on a year-over-year basis. On average, sell-side analysts anticipate that TD SYNNEX Corporation will post 15.69 EPS for the current year.
TD SYNNEX Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 0.8%. TD SYNNEX’s dividend payout ratio is currently 15.96%.
Insider Activity at TD SYNNEX
In other news, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the sale, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total transaction of $605,423.50. Following the completion of the sale, the insider directly owned 10,820 shares of the company’s stock, valued at $2,165,514.80. This trade represents a 21.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 16,417 shares of company stock valued at $3,559,726 over the last ninety days. 0.70% of the stock is owned by company insiders.
Institutional Trading of TD SYNNEX
A number of hedge funds have recently made changes to their positions in the stock. Essential Partners LLC lifted its position in shares of TD SYNNEX by 644.4% in the first quarter. Essential Partners LLC now owns 201 shares of the business services provider’s stock worth $34,000 after purchasing an additional 174 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of TD SYNNEX by 58.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,456 shares of the business services provider’s stock worth $246,000 after purchasing an additional 535 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of TD SYNNEX by 20.5% in the first quarter. California State Teachers Retirement System now owns 84,220 shares of the business services provider’s stock worth $14,209,000 after purchasing an additional 14,343 shares in the last quarter. Empowered Funds LLC increased its holdings in TD SYNNEX by 34.4% in the first quarter. Empowered Funds LLC now owns 100,485 shares of the business services provider’s stock worth $16,953,000 after buying an additional 25,732 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in TD SYNNEX by 28.1% during the first quarter. Quantinno Capital Management LP now owns 65,240 shares of the business services provider’s stock valued at $11,007,000 after acquiring an additional 14,302 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.
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.