TD SYNNEX (NYSE:SNX) Releases Q2 2024 Earnings Guidance

TD SYNNEX (NYSE:SNX) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.500-3.000 for the period, compared to the consensus estimate of 2.780. The company issued revenue guidance of $13.3 billion-$14.9 billion, compared to the consensus revenue estimate of $14.3 billion. TD SYNNEX also updated its Q2 guidance to $2.50-3.00 EPS.

TD SYNNEX Stock Down 2.5 %

Shares of NYSE SNX opened at $113.06 on Friday. The firm has a 50 day moving average price of $103.60 and a 200 day moving average price of $101.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.77 and a current ratio of 1.22. The stock has a market cap of $10.07 billion, a P/E ratio of 16.41, a P/E/G ratio of 1.11 and a beta of 1.63. TD SYNNEX has a 52-week low of $86.30 and a 52-week high of $116.05.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, topping 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 business had revenue of $14.41 billion for the quarter, compared to the consensus estimate of $14.54 billion. During the same quarter last year, the business posted $3.30 EPS. The firm’s revenue was down 11.3% compared to the same quarter last year. Analysts expect that TD SYNNEX will post 11.17 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.60 annualized dividend and a yield of 1.42%. TD SYNNEX’s dividend payout ratio (DPR) is currently 23.22%.

Wall Street Analysts Forecast Growth

SNX has been the subject of several research reports. Cfra increased their price objective on shares of TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a research report on Tuesday. Barrington Research lifted their price target on TD SYNNEX from $122.00 to $138.00 and gave the company an outperform rating in a research note on Thursday. Royal Bank of Canada reaffirmed a sector perform rating and set a $118.00 price objective (up from $110.00) on shares of TD SYNNEX in a research report on Wednesday. StockNews.com raised TD SYNNEX from a hold rating to a buy rating in a research report on Thursday, December 21st. Finally, JPMorgan Chase & Co. downgraded TD SYNNEX from an overweight rating to a neutral rating and upped their price target for the stock from $112.00 to $113.00 in a research report on Monday, January 8th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $116.00.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, insider Michael Urban sold 4,355 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $107.00, for a total value of $465,985.00. Following the completion of the sale, the insider now owns 20,270 shares in the company, valued at $2,168,890. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Michael Urban sold 4,355 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $107.00, for a total transaction of $465,985.00. Following the completion of the transaction, the insider now directly owns 20,270 shares in the company, valued at approximately $2,168,890. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Fred A. Breidenbach sold 3,849 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $103.61, for a total value of $398,794.89. Following the completion of the transaction, the director now directly owns 18,148 shares in the company, valued at approximately $1,880,314.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,289,905 shares of company stock valued at $232,556,362. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State of Wyoming bought a new position in TD SYNNEX during the second quarter worth about $216,000. XTX Topco Ltd bought a new position in shares of TD SYNNEX during the first quarter worth approximately $216,000. Delphia USA Inc. acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $213,000. Atlas Capital Advisors LLC grew its position in TD SYNNEX by 114,550.0% during the second quarter. Atlas Capital Advisors LLC now owns 2,293 shares of the business services provider’s stock worth $209,000 after buying an additional 2,291 shares in the last quarter. Finally, Toroso Investments LLC bought a new position in TD SYNNEX during the 1st quarter worth $209,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.