TD SYNNEX (NYSE:SNX) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research note released on Friday morning.

Several other equities research analysts have also recently weighed in on the company. Barclays increased their price objective on TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price target on shares of TD SYNNEX in a report on Wednesday, January 15th. Cfra upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $122.00 to $147.00 in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.38.

TD SYNNEX Price Performance

NYSE SNX opened at $142.78 on Friday. The stock has a 50-day simple moving average of $128.51 and a 200 day simple moving average of $121.44. TD SYNNEX has a twelve month low of $98.70 and a twelve month high of $144.27. The stock has a market capitalization of $12.09 billion, a PE ratio of 17.94, a P/E/G ratio of 1.06 and a beta of 1.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24.

TD SYNNEX Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 24th were paid a $0.44 dividend. The ex-dividend date was Friday, January 24th. This represents a $1.76 dividend on an annualized basis and a yield of 1.23%. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s payout ratio is presently 22.11%.

Insiders Place Their Bets

In other TD SYNNEX news, CEO Patrick Zammit sold 6,823 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $143.00, for a total transaction of $975,689.00. Following the completion of the transaction, the chief executive officer now directly owns 165,604 shares in the company, valued at $23,681,372. This represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Marshall Witt sold 1,510 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total transaction of $182,906.30. Following the completion of the sale, the chief financial officer now owns 48,362 shares in the company, valued at $5,858,089.06. This represents a 3.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,289 shares of company stock worth $3,639,500 over the last quarter. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors have recently added to or reduced their stakes in the company. Pathstone Holdings LLC increased its holdings in shares of TD SYNNEX by 45.2% during the third quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock worth $2,197,000 after buying an additional 5,698 shares in the last quarter. JPMorgan Chase & Co. grew its position in TD SYNNEX by 37.0% during 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 during the last quarter. Stratos Investment Management LLC increased its holdings in TD SYNNEX by 5.6% during the 3rd quarter. Stratos Investment Management LLC now owns 28,115 shares of the business services provider’s stock valued at $3,376,000 after purchasing an additional 1,486 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in TD SYNNEX by 170.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,714 shares of the business services provider’s stock valued at $9,812,000 after purchasing an additional 51,465 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of TD SYNNEX during the fourth quarter worth $2,260,000. 84.00% of the stock is owned by institutional investors.

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.