TD SYNNEX (NYSE:SNX) Sets New 1-Year Low After Earnings Miss

TD SYNNEX Co. (NYSE:SNX) shares hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $98.00 and last traded at $100.88, with a volume of 145646 shares. The stock had previously closed at $125.46.

The business services provider reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion for the quarter, compared to analysts’ expectations of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.99 earnings per share.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, April 11th. This represents a $1.76 annualized dividend and a yield of 1.68%. TD SYNNEX’s dividend payout ratio (DPR) is 22.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. UBS Group dropped their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday. Barclays cut their price target on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Friday. The Goldman Sachs Group lowered their price objective on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com lowered TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their price target on TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.00.

Insider Buying and Selling

In other news, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the completion of the transaction, the chief financial officer now directly owns 49,843 shares of the company’s stock, valued at $6,383,891.44. The trade was a 2.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the sale, the director now directly owns 111,080 shares in the company, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,172 shares of company stock valued at $6,353,261 over the last ninety days. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

A number of large investors have recently bought and sold shares of the business. Proficio Capital Partners LLC purchased a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $5,158,000. JPMorgan Chase & Co. increased its holdings in TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after acquiring an additional 813,634 shares in the last quarter. IFP Advisors Inc raised its position in TD SYNNEX by 976.6% during the fourth quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock worth $119,000 after acquiring an additional 918 shares during the period. Assenagon Asset Management S.A. purchased a new position in TD SYNNEX during the fourth quarter valued at $2,260,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of TD SYNNEX by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 507,435 shares of the business services provider’s stock worth $59,512,000 after purchasing an additional 9,915 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

TD SYNNEX Stock Performance

The stock has a market cap of $8.81 billion, a price-to-earnings ratio of 13.12, a P/E/G ratio of 1.06 and a beta of 1.51. The firm’s 50-day moving average is $135.67 and its two-hundred day moving average is $125.53. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46.

TD SYNNEX Company Profile

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.