LSV Asset Management Cuts Stake in Tech Data Corp. (TECD)
LSV Asset Management cut its position in Tech Data Corp. (NASDAQ:TECD) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,501,035 shares of the company’s stock after selling 25,023 shares during the period. LSV Asset Management owned about 4.26% of Tech Data Corp. worth $127,152,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in TECD. FMR LLC raised its stake in shares of Tech Data Corp. by 14.4% in the second quarter. FMR LLC now owns 4,077,520 shares of the company’s stock worth $292,970,000 after buying an additional 511,893 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Tech Data Corp. during the second quarter valued at about $32,170,000. Vanguard Group Inc. raised its stake in Tech Data Corp. by 10.4% in the second quarter. Vanguard Group Inc. now owns 3,525,069 shares of the company’s stock valued at $253,276,000 after buying an additional 332,980 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in Tech Data Corp. by 15.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,325,549 shares of the company’s stock valued at $95,241,000 after buying an additional 173,424 shares during the period. Finally, Prudential Financial Inc. raised its stake in Tech Data Corp. by 48.5% in the second quarter. Prudential Financial Inc. now owns 521,514 shares of the company’s stock valued at $37,471,000 after buying an additional 170,305 shares during the period.
Tech Data Corp. (NASDAQ:TECD) opened at 85.83 on Tuesday. Tech Data Corp. has a 12 month low of $57.99 and a 12 month high of $89.36. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 13.94 and a beta of 0.87. The stock has a 50 day moving average of $80.22 and a 200 day moving average of $77.73.
Tech Data Corp. (NASDAQ:TECD) last announced its quarterly earnings data on Tuesday, November 22nd. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.26 by $0.18. The company earned $6.49 billion during the quarter, compared to the consensus estimate of $6.36 billion. Tech Data Corp. had a net margin of 0.81% and a return on equity of 10.51%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.28 EPS. Equities analysts anticipate that Tech Data Corp. will post $5.95 EPS for the current fiscal year.
Several research firms have issued reports on TECD. Zacks Investment Research raised shares of Tech Data Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, November 24th. Brean Capital reaffirmed a “buy” rating and set a $105.00 price target (up from $82.00) on shares of Tech Data Corp. in a research report on Thursday, September 22nd. Northcoast Research began coverage on shares of Tech Data Corp. in a research report on Wednesday, August 10th. They set a “neutral” rating on the stock. raised shares of Tech Data Corp. from an “underperform” rating to a “buy” rating and upped their price target for the stock from $76.00 to $102.00 in a research report on Tuesday, September 20th. Finally, Citigroup Inc. upped their price target on shares of Tech Data Corp. from $59.00 to $80.00 and gave the stock a “sell” rating in a research report on Thursday, September 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $94.67.
In other news, insider John A. Tonnison sold 2,515 shares of the firm’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $86.52, for a total transaction of $217,597.80. Following the completion of the sale, the insider now owns 27,484 shares of the company’s stock, valued at approximately $2,377,915.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.
About Tech Data Corp.
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services.
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