TD SYNNEX (NYSE:SNX) Sets New 52-Week High – Time to Buy?

TD SYNNEX Corporation (NYSE:SNX)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $291.79 and last traded at $292.2770, with a volume of 233513 shares changing hands. The stock had previously closed at $283.26.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SNX shares. Weiss Ratings cut TD SYNNEX from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 17th. Zacks Research cut TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. raised shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective for the company in a research note on Wednesday, May 27th. Royal Bank Of Canada raised their target price on shares of TD SYNNEX from $250.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Finally, The Goldman Sachs Group lifted their target price on shares of TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $249.80.

TD SYNNEX Stock Up 3.8%

The firm has a market cap of $23.64 billion, a PE ratio of 24.44, a P/E/G ratio of 1.17 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The business has a fifty day moving average price of $243.77 and a two-hundred day moving average price of $188.92.

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

TD SYNNEX Announces Dividend

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

Insider Buying and Selling

In other TD SYNNEX news, 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 completion of the sale, the chief financial officer owned 14,035 shares in the company, valued at $2,659,071.10. This represents a 18.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Miriam Anne Murphy sold 3,025 shares of TD SYNNEX stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 21,250 shares of company stock worth $4,935,282. 0.70% of the stock is owned by company insiders.

Institutional Trading of TD SYNNEX

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp grew its stake in TD SYNNEX by 0.4% in the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock valued at $388,535,000 after purchasing an additional 9,024 shares in the last quarter. Ninety One UK Ltd lifted its holdings in shares of TD SYNNEX by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider’s stock valued at $334,876,000 after buying an additional 258,630 shares during the last quarter. LSV Asset Management lifted its holdings in shares of TD SYNNEX by 16.1% during the 4th quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider’s stock valued at $313,471,000 after buying an additional 288,625 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of TD SYNNEX by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider’s stock valued at $230,315,000 after buying an additional 99,090 shares in the last quarter. Finally, Metropolis Capital Ltd increased its holdings in TD SYNNEX by 9.5% in the first quarter. Metropolis Capital Ltd now owns 1,281,307 shares of the business services provider’s stock worth $216,169,000 after buying an additional 111,222 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

About TD SYNNEX

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.