TD SYNNEX (NYSE:SNX) Updates Q2 Earnings Guidance

TD SYNNEX (NYSE:SNX) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.50-3.00 for the period, compared to the consensus earnings per share estimate of $2.78. The company issued revenue guidance of $13.3-14.9 billion, compared to the consensus revenue estimate of $14.26 billion. TD SYNNEX also updated its Q2 2024 guidance to 2.500-3.000 EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Royal Bank of Canada reissued a sector perform rating and issued a $118.00 price target (up previously from $110.00) on shares of TD SYNNEX in a research note on Wednesday. JPMorgan Chase & Co. downgraded TD SYNNEX from an overweight rating to a neutral rating and lifted their target price for the company from $112.00 to $113.00 in a research report on Monday, January 8th. StockNews.com raised TD SYNNEX from a hold rating to a buy rating in a research report on Thursday, December 21st. Cfra lifted their target price on TD SYNNEX from $110.00 to $113.00 and gave the company a hold rating in a research report on Tuesday. Finally, Barclays lifted their target price on TD SYNNEX from $111.00 to $118.00 and gave the company an equal weight rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $114.33.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $116.03 on Thursday. TD SYNNEX has a 12 month low of $86.30 and a 12 month high of $116.05. The stock’s 50 day moving average is $103.43 and its 200-day moving average is $100.94. The company has a current ratio of 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.56 by $0.57. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The company had revenue of $14.41 billion for the quarter, compared to the consensus estimate of $14.54 billion. During the same quarter in the prior year, the business earned $3.30 earnings per share. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. Equities research analysts expect that TD SYNNEX will post 11.17 EPS for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Thursday, April 11th. TD SYNNEX’s dividend payout ratio is currently 23.22%.

Insider Buying and Selling

In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $105.57, for a total value of $1,055,700.00. Following the sale, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The disclosure for this sale can be found here. Insiders have sold 2,289,905 shares of company stock valued at $232,556,362 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of large investors have recently modified their holdings of SNX. Apollo Management Holdings L.P. acquired a new stake in shares of TD SYNNEX in the 1st quarter valued at $3,622,519,000. AQR Capital Management LLC boosted its holdings in shares of TD SYNNEX by 330.6% in the 1st quarter. AQR Capital Management LLC now owns 679,948 shares of the business services provider’s stock valued at $64,738,000 after purchasing an additional 522,055 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of TD SYNNEX by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 5,379,928 shares of the business services provider’s stock valued at $578,934,000 after purchasing an additional 371,322 shares in the last quarter. Norges Bank acquired a new stake in shares of TD SYNNEX in the 4th quarter valued at $34,999,000. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of TD SYNNEX by 2,703.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 243,630 shares of the business services provider’s stock valued at $23,581,000 after purchasing an additional 234,941 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.