Principal Financial Group Inc. Cuts Position in TD SYNNEX Co. (NYSE:SNX)

by · The Cerbat Gem

Principal Financial Group Inc. trimmed its position in shares of TD SYNNEX Co. (NYSE:SNX – Free Report) by 4.3% during the 3rd quarter, Holdings Channel reports. The fund owned 678,667 shares of the business services provider’s stock after selling 30,435 shares during the period. Principal Financial Group Inc.’s holdings in TD SYNNEX were worth $81,494,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in TD SYNNEX by 18.4% during the third quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after purchasing an additional 1,154,651 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of TD SYNNEX by 58.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock valued at $313,469,000 after acquiring an additional 1,006,569 shares during the last quarter. Dimensional Fund Advisors LP grew its position in TD SYNNEX by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,239,852 shares of the business services provider’s stock worth $258,482,000 after acquiring an additional 177,460 shares in the last quarter. State Street Corp increased its stake in TD SYNNEX by 0.7% during the third quarter. State Street Corp now owns 2,189,732 shares of the business services provider’s stock worth $262,943,000 after acquiring an additional 15,995 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in TD SYNNEX by 21.1% during the second quarter. AQR Capital Management LLC now owns 1,546,105 shares of the business services provider’s stock valued at $178,421,000 after purchasing an additional 269,759 shares during the period. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $116.90 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The company has a market capitalization of $9.95 billion, a PE ratio of 15.12, a P/E/G ratio of 1.14 and a beta of 1.47. The company has a 50 day moving average price of $120.19 and a 200-day moving average price of $118.96. TD SYNNEX Co. has a fifty-two week low of $98.70 and a fifty-two week high of $133.85.

TD SYNNEX (NYSE:SNX – Get Free Report) last issued its earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.06. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The business had revenue of $14.68 billion during the quarter, compared to analyst estimates of $14.11 billion. During the same period in the previous year, the company posted $2.71 EPS. TD SYNNEX’s revenue was up 5.2% on a year-over-year basis. As a group, equities analysts forecast that TD SYNNEX Co. will post 11.03 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.37%. The ex-dividend date was Friday, October 11th. TD SYNNEX’s payout ratio is 20.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNX. Barclays lifted their target price on TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. StockNews.com cut shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 target price on shares of TD SYNNEX in a research note on Friday, September 27th. Loop Capital reiterated a “buy” rating and set a $150.00 price target on shares of TD SYNNEX in a report on Monday, October 7th. Finally, Barrington Research reissued an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a research report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $134.75.

Read Our Latest Report on SNX

Insider Buying and Selling at TD SYNNEX

In other news, insider David R. Vetter sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $123.14, for a total value of $2,462,800.00. Following the transaction, the insider now owns 66,381 shares of the company’s stock, valued at $8,174,156.34. The trade was a 23.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Simon Leung sold 6,249 shares of TD SYNNEX stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total transaction of $769,689.33. Following the completion of the transaction, the insider now directly owns 23,339 shares in the company, valued at $2,874,664.63. This represents a 21.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,155 shares of company stock valued at $8,598,095. Company insiders own 1.90% of the company’s stock.

TD SYNNEX Profile

(Free Report)

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.

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