TD SYNNEX (NYSE:SNX) Price Target Raised to $132.00

TD SYNNEX (NYSE:SNX) had its target price upped by Barclays from $131.00 to $132.00 in a report released on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

Several other research firms have also recently weighed in on SNX. JPMorgan Chase & Co. cut their price objective on TD SYNNEX from $126.00 to $123.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. UBS Group upped their price target on shares of TD SYNNEX from $145.00 to $150.00 and gave the company a buy rating in a report on Wednesday, June 26th. StockNews.com raised shares of TD SYNNEX from a hold rating to a buy rating in a research report on Friday, August 16th. Barrington Research reaffirmed an outperform rating and issued a $138.00 target price on shares of TD SYNNEX in a research note on Monday, September 23rd. Finally, Royal Bank of Canada reiterated an outperform rating and set a $140.00 target price on shares of TD SYNNEX in a report on Friday. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $132.57.

TD SYNNEX Stock Performance

NYSE SNX opened at $119.67 on Friday. TD SYNNEX has a 1-year low of $89.73 and a 1-year high of $133.85. The company has a 50 day moving average of $116.22 and a 200-day moving average of $118.06. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.18 and a beta of 1.49.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Thursday, September 26th. The business services provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.06. The firm had revenue of $14.68 billion during the quarter, compared to analysts’ expectations of $14.11 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. TD SYNNEX’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.71 EPS. On average, equities analysts forecast that TD SYNNEX will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Friday, October 11th. TD SYNNEX’s dividend payout ratio is 22.41%.

Insiders Place Their Bets

In related news, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $113.28, for a total value of $397,952.64. Following the transaction, the chief operating officer now directly owns 140,205 shares in the company, valued at $15,882,422.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Marshall Witt sold 11,441 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the completion of the transaction, the chief financial officer now directly owns 45,115 shares in the company, valued at approximately $4,968,966.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the sale, the chief operating officer now owns 140,205 shares of the company’s stock, valued at $15,882,422.40. The disclosure for this sale can be found here. Insiders have sold 15,188 shares of company stock worth $1,685,455 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of TD SYNNEX

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its stake in shares of TD SYNNEX by 38.5% in the first quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock worth $172,081,000 after purchasing an additional 421,908 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of TD SYNNEX by 63.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock valued at $17,756,000 after buying an additional 64,024 shares during the last quarter. Hancock Whitney Corp increased its stake in shares of TD SYNNEX by 57.9% in the second quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock valued at $1,954,000 after buying an additional 6,207 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of TD SYNNEX during the first quarter worth about $57,981,000. Finally, Wedge Capital Management L L P NC lifted its stake in shares of TD SYNNEX by 20.3% in the second quarter. Wedge Capital Management L L P NC now owns 31,146 shares of the business services provider’s stock worth $3,594,000 after acquiring an additional 5,252 shares during the period. Institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.