First Hawaiian Bank Grows Stake in TD SYNNEX Co. (NYSE:SNX)

First Hawaiian Bank raised its stake in TD SYNNEX Co. (NYSE:SNX) by 30.5% during the second quarter, HoldingsChannel reports. The fund owned 4,377 shares of the business services provider’s stock after buying an additional 1,023 shares during the period. First Hawaiian Bank’s holdings in TD SYNNEX were worth $505,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of TD SYNNEX by 217.5% in the second quarter. GAMMA Investing LLC now owns 454 shares of the business services provider’s stock worth $52,000 after buying an additional 311 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of TD SYNNEX by 550.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 26,000 shares of the business services provider’s stock worth $2,893,000 after buying an additional 22,000 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of TD SYNNEX by 22.1% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 16,594 shares of the business services provider’s stock worth $1,877,000 after buying an additional 3,000 shares during the period. Cetera Advisors LLC bought a new stake in TD SYNNEX during the 1st quarter valued at approximately $406,000. Finally, Lind Value II ApS bought a new stake in TD SYNNEX during the 1st quarter valued at approximately $77,858,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the transaction, the chief operating officer now owns 140,205 shares of the company’s stock, valued at approximately $15,882,422.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Dennis Polk sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $115.66, for a total value of $2,313,200.00. Following the completion of the transaction, the insider now directly owns 134,706 shares in the company, valued at $15,580,095.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Zammit sold 3,513 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the transaction, the chief operating officer now owns 140,205 shares of the company’s stock, valued at $15,882,422.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,630 shares of company stock valued at $2,725,070. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on SNX shares. JPMorgan Chase & Co. cut their price target on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Barrington Research reiterated an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Wednesday, June 26th. Bank of America dropped their target price on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Royal Bank of Canada upgraded TD SYNNEX from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $135.00 to $140.00 in a report on Monday, July 15th. Finally, UBS Group lifted their target price on TD SYNNEX from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $127.33.

TD SYNNEX Stock Performance

Shares of SNX traded down $3.47 during mid-day trading on Monday, reaching $110.01. The company had a trading volume of 804,997 shares, compared to its average volume of 890,435. TD SYNNEX Co. has a 52-week low of $89.73 and a 52-week high of $133.85. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.40 billion, a P/E ratio of 15.42, a PEG ratio of 1.13 and a beta of 1.52. The stock has a 50 day moving average of $121.51 and a two-hundred day moving average of $114.34.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, June 25th. The business services provider reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.05). The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $14.12 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. On average, analysts expect that TD SYNNEX Co. will post 11.22 earnings per share for the current year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a yield of 1.45%. TD SYNNEX’s payout ratio is 22.41%.

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.