TD SYNNEX Corporation (NYSE:SNX) Receives Average Recommendation of “Buy” from Analysts

Shares of TD SYNNEX Corporation (NYSE:SNX) have been given a consensus rating of “Buy” by the eleven analysts that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $212.60.

A number of analysts recently weighed in on SNX shares. The Goldman Sachs Group upped their target price on shares of TD SYNNEX from $180.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Barrington Research restated an “outperform” rating and set a $182.00 target price on shares of TD SYNNEX in a research note on Friday, March 27th. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price on the stock in a research note on Wednesday. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TD SYNNEX in a research note on Monday, May 4th.

TD SYNNEX Stock Up 5.8%

SNX stock opened at $260.46 on Friday. The company’s 50 day moving average price is $210.50 and its 200 day moving average price is $174.32. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. TD SYNNEX has a fifty-two week low of $118.35 and a fifty-two week high of $264.81. The firm has a market capitalization of $20.94 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.06 and a beta of 1.40.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. During the same period in the prior year, the firm earned $2.80 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that TD SYNNEX will post 15.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio is 15.96%.

Insiders Place Their Bets

In related news, CFO David Gregory Jordan sold 3,225 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the transaction, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Miriam Anne Murphy sold 3,025 shares of the company’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the transaction, the insider directly owned 10,820 shares of the company’s stock, valued at $2,165,514.80. This trade represents a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,417 shares of company stock valued at $3,559,726. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNX. Dorato Capital Management acquired a new position in TD SYNNEX in the fourth quarter valued at approximately $27,000. Ossiam boosted its holdings in TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of TD SYNNEX in the third quarter valued at approximately $30,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at approximately $32,000. 84.00% of the stock is owned by institutional investors and hedge funds.

TD SYNNEX Company 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.