TD SYNNEX Corporation $SNX Shares Bought by Truist Financial Corp

Truist Financial Corp grew its stake in shares of TD SYNNEX Corporation (NYSE:SNX) by 8.1% in the fourth quarter, HoldingsChannel reports. The fund owned 28,651 shares of the business services provider’s stock after buying an additional 2,157 shares during the quarter. Truist Financial Corp’s holdings in TD SYNNEX were worth $4,304,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SNX. Artemis Investment Management LLP acquired a new stake in TD SYNNEX during the 4th quarter worth approximately $1,985,000. Vest Financial LLC increased its position in TD SYNNEX by 52.2% during the 4th quarter. Vest Financial LLC now owns 3,180 shares of the business services provider’s stock worth $478,000 after purchasing an additional 1,090 shares in the last quarter. R Squared Ltd acquired a new stake in TD SYNNEX during the 4th quarter worth approximately $1,507,000. M&T Bank Corp increased its position in TD SYNNEX by 78.5% during the 4th quarter. M&T Bank Corp now owns 6,368 shares of the business services provider’s stock worth $956,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Comerica Bank increased its position in TD SYNNEX by 74.9% during the 4th quarter. Comerica Bank now owns 64,435 shares of the business services provider’s stock worth $9,680,000 after purchasing an additional 27,601 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Insiders Place Their Bets

In other news, Director Merline Saintil sold 167 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total transaction of $26,344.25. Following the completion of the transaction, the director directly owned 6,995 shares in the company, valued at approximately $1,103,461.25. This represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the transaction, the chief financial officer owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 11,417 shares of company stock valued at $2,412,026. Corporate insiders own 0.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SNX has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their target price on shares of TD SYNNEX from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Barclays increased their target price on shares of TD SYNNEX from $163.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 1st. Royal Bank Of Canada increased their target price on shares of TD SYNNEX from $210.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Finally, UBS Group increased their target price on shares of TD SYNNEX from $193.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $197.70.

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $239.41 on Monday. The stock has a market cap of $19.25 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 1.04 and a beta of 1.40. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The stock has a 50 day moving average of $184.68 and a 200-day moving average of $165.10. TD SYNNEX Corporation has a 52 week low of $117.45 and a 52 week high of $240.47.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, beating the consensus estimate of $3.24 by $1.49. The company had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.80 EPS. On average, analysts expect that TD SYNNEX Corporation will post 15.69 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio is 15.96%.

TD SYNNEX Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.