TD SYNNEX (NYSE:SNX) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a report released on Wednesday.

Several other research firms have also recently issued reports on SNX. Barrington Research reiterated an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a report on Monday, September 23rd. Loop Capital reaffirmed a “buy” rating and issued a $150.00 price target on shares of TD SYNNEX in a report on Monday, October 7th. 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. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $134.75.

TD SYNNEX Stock Performance

SNX stock opened at $116.49 on Wednesday. The firm has a market cap of $9.91 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.14 and a beta of 1.47. The stock’s 50 day simple moving average is $120.27 and its 200 day simple moving average is $119.05. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. TD SYNNEX has a 12-month low of $98.70 and a 12-month high of $133.85.

TD SYNNEX (NYSE:SNX) last issued its earnings results 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 for the quarter, compared to analyst estimates of $14.11 billion. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company earned $2.71 earnings per share. As a group, equities research analysts predict that TD SYNNEX will post 11.03 EPS for the current year.

TD SYNNEX Announces Dividend

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

Insider Activity

In other news, insider Simon Leung sold 6,249 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the completion of the sale, the insider now directly owns 23,339 shares of the company’s stock, valued at $2,874,664.63. This represents a 21.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dennis Polk sold 15,689 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at $15,751,172.58. The trade was a 10.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,645 shares of company stock valued at $8,415,189 over the last three months. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently modified their holdings of the business. Hancock Whitney Corp increased its position in shares of TD SYNNEX by 57.9% during the second quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock worth $1,954,000 after acquiring an additional 6,207 shares in the last quarter. ClariVest Asset Management LLC increased its holdings in TD SYNNEX by 45,552.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 16,435 shares of the business services provider’s stock worth $1,897,000 after purchasing an additional 16,399 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of TD SYNNEX by 45.2% in the third quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock valued at $2,197,000 after purchasing an additional 5,698 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of TD SYNNEX during the second quarter worth about $1,634,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of TD SYNNEX by 4,293.7% during the second quarter. Meeder Asset Management Inc. now owns 13,840 shares of the business services provider’s stock worth $1,597,000 after buying an additional 13,525 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.