TD SYNNEX’s (SNX) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of TD SYNNEX (NYSE:SNX) in a research note released on Friday, Benzinga reports. Royal Bank of Canada currently has a $140.00 price target on the business services provider’s stock.

Several other research analysts have also commented on SNX. UBS Group raised 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. Bank of America cut their target price on shares of TD SYNNEX from $135.00 to $132.00 and set a buy rating on the stock in a research note on Thursday, June 27th. 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 reissued an outperform rating and issued a $138.00 price objective on shares of TD SYNNEX in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on TD SYNNEX from $126.00 to $123.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, TD SYNNEX presently has an average rating of Moderate Buy and a consensus price target of $132.57.

TD SYNNEX Trading Up 0.4 %

SNX stock opened at $120.11 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 1.18 and a beta of 1.49. The business has a fifty day simple moving average of $116.27 and a 200-day simple moving average of $118.18. TD SYNNEX has a 52 week low of $89.73 and a 52 week high of $133.85.

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

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Friday, October 11th. TD SYNNEX’s dividend payout ratio (DPR) is 22.41%.

Insider Buying and Selling

In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the completion of the sale, the chief financial officer now owns 45,115 shares in the company, valued at approximately $4,968,966.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the completion of the transaction, the chief financial officer now directly owns 45,115 shares of the company’s stock, valued at approximately $4,968,966.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick Zammit sold 3,513 shares of TD SYNNEX stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the transaction, 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. Over the last 90 days, insiders have sold 15,188 shares of company stock worth $1,685,455. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Nordea Investment Management AB lifted its holdings in 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 acquiring an additional 421,908 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in TD SYNNEX by 63.4% during 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 purchasing an additional 64,024 shares during the period. Hancock Whitney Corp grew its stake in TD SYNNEX by 57.9% during the 2nd quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock worth $1,954,000 after buying an additional 6,207 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in TD SYNNEX in the first quarter worth $57,981,000. Finally, Wedge Capital Management L L P NC lifted its stake in 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 valued at $3,594,000 after buying an additional 5,252 shares during the last quarter. 84.00% of the stock is currently 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.