TD SYNNEX (NYSE:SNX) Upgraded to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of TD SYNNEX (NYSE:SNX) from a sector perform rating to an outperform rating in a research note released on Monday morning, MarketBeat reports. The firm currently has $140.00 target price on the business services provider’s stock, up from their previous target price of $135.00.

Several other equities research analysts also recently commented on the company. Bank of America reduced their price objective on TD SYNNEX from $135.00 to $132.00 and set a buy rating for the company in a report on Thursday, June 27th. JPMorgan Chase & Co. decreased their price objective on shares of TD SYNNEX from $126.00 to $123.00 and set a neutral rating for the company in a report on Wednesday, June 26th. Cfra raised their target price on shares of TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a report on Tuesday, March 26th. Barrington Research reiterated an outperform rating and set a $138.00 target price on shares of TD SYNNEX in a research note on Wednesday, June 26th. Finally, Barclays raised their price target on TD SYNNEX from $111.00 to $118.00 and gave the stock an equal weight rating in a research note on Wednesday, March 27th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, TD SYNNEX has a consensus rating of Moderate Buy and an average price target of $127.33.

TD SYNNEX Stock Performance

SNX stock opened at $117.31 on Monday. The stock’s 50 day simple moving average is $123.50 and its 200 day simple moving average is $113.28. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47. TD SYNNEX has a 12-month low of $89.73 and a 12-month high of $133.85. The stock has a market capitalization of $10.03 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.52.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Friday, July 12th. TD SYNNEX’s dividend payout ratio is presently 22.41%.

Insider Transactions at TD SYNNEX

In related news, insider Dennis Polk sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the completion of the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,580,095.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the transaction, the insider now owns 134,706 shares in the company, valued at approximately $15,580,095.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $115.79, for a total value of $1,157,900.00. Following the completion of the sale, the chief executive officer now owns 219,363 shares of the company’s stock, valued at approximately $25,400,041.77. The disclosure for this sale can be found here. Insiders have sold 33,513 shares of company stock valued at $3,869,053 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of TD SYNNEX by 23.4% during the first quarter. Vanguard Group Inc. now owns 6,641,402 shares of the business services provider’s stock valued at $751,143,000 after buying an additional 1,261,474 shares during the last quarter. Nordea Investment Management AB lifted its stake in TD SYNNEX by 38.5% in the 1st quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock worth $172,081,000 after purchasing an additional 421,908 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of TD SYNNEX by 33,158.8% during the 4th quarter. Pacer Advisors Inc. now owns 1,336,005 shares of the business services provider’s stock valued at $143,767,000 after purchasing an additional 1,331,988 shares during the last quarter. Lyrical Asset Management LP grew its position in shares of TD SYNNEX by 0.3% during the fourth quarter. Lyrical Asset Management LP now owns 1,277,884 shares of the business services provider’s stock valued at $137,513,000 after purchasing an additional 3,571 shares in the last quarter. Finally, LSV Asset Management increased its holdings in shares of TD SYNNEX by 18.5% in the first quarter. LSV Asset Management now owns 878,474 shares of the business services provider’s stock worth $99,355,000 after purchasing an additional 136,986 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

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.