Tech Data Corp (TECD) Position Reduced by Ameriprise Financial Inc.
Ameriprise Financial Inc. trimmed its position in shares of Tech Data Corp (NASDAQ:TECD) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 205,838 shares of the company’s stock after selling 3,565 shares during the quarter. Ameriprise Financial Inc. owned about 0.54% of Tech Data worth $18,285,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Amalgamated Bank grew its position in Tech Data by 1.6% during the 2nd quarter. Amalgamated Bank now owns 4,990 shares of the company’s stock valued at $504,000 after purchasing an additional 80 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in Tech Data by 2.0% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 6,077 shares of the company’s stock valued at $437,000 after purchasing an additional 117 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in Tech Data by 1.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,405 shares of the company’s stock valued at $1,354,000 after purchasing an additional 187 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Tech Data by 15.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock valued at $150,000 after purchasing an additional 195 shares during the last quarter. Finally, Arizona State Retirement System grew its position in Tech Data by 1.4% during the 2nd quarter. Arizona State Retirement System now owns 14,600 shares of the company’s stock valued at $1,475,000 after purchasing an additional 200 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.
In other news, COO Richard T. Hume sold 3,100 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $98.06, for a total value of $303,986.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.
Tech Data (NASDAQ:TECD) last posted its earnings results on Monday, November 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.10. The business had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.10 billion. Tech Data had a net margin of 0.59% and a return on equity of 11.90%. The business’s revenue for the quarter was up 40.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 EPS. equities research analysts forecast that Tech Data Corp will post 9.14 earnings per share for the current fiscal year.
Several analysts recently commented on TECD shares. Needham & Company LLC increased their price objective on shares of Tech Data from $100.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, October 12th. Northcoast Research restated a “neutral” rating on shares of Tech Data in a research note on Monday, August 28th. Zacks Investment Research upgraded shares of Tech Data from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Citigroup restated a “hold” rating and set a $110.00 target price on shares of Tech Data in a research note on Tuesday, November 28th. Finally, Pivotal Research initiated coverage on shares of Tech Data in a research note on Friday, October 6th. They set a “buy” rating and a $114.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $112.33.
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Tech Data Company Profile
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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