Panagora Asset Management Inc. Acquires 13,412 Shares of TD SYNNEX Co. (NYSE:SNX)

Panagora Asset Management Inc. raised its stake in TD SYNNEX Co. (NYSE:SNX) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 284,623 shares of the business services provider’s stock after purchasing an additional 13,412 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.33% of TD SYNNEX worth $32,845,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of TD SYNNEX by 121.7% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 255 shares of the business services provider’s stock worth $29,000 after acquiring an additional 140 shares during the period. Rise Advisors LLC acquired a new stake in TD SYNNEX during the 1st quarter worth approximately $32,000. Pineridge Advisors LLC acquired a new stake in TD SYNNEX during the 4th quarter worth approximately $33,000. Blue Trust Inc. lifted its holdings in TD SYNNEX by 52.3% during the 2nd quarter. Blue Trust Inc. now owns 358 shares of the business services provider’s stock worth $40,000 after purchasing an additional 123 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in TD SYNNEX by 217.5% during the 2nd quarter. GAMMA Investing LLC now owns 454 shares of the business services provider’s stock worth $52,000 after purchasing an additional 311 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at TD SYNNEX

In related news, insider Dennis Polk sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the insider now 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 can be accessed through the SEC website. In related news, insider Dennis Polk sold 20,000 shares of the company’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 transaction, the insider now directly owns 134,706 shares of the company’s stock, valued at approximately $15,580,095.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 sale, the chief operating officer now directly owns 140,205 shares of the company’s stock, valued at $15,882,422.40. The disclosure for this sale can be found here. Insiders have sold a total of 35,071 shares of company stock worth $3,985,182 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

TD SYNNEX Trading Up 0.5 %

Shares of NYSE SNX traded up $0.56 during trading on Friday, reaching $121.24. The company had a trading volume of 237,806 shares, compared to its average volume of 839,958. The company’s fifty day moving average price is $116.21 and its 200-day moving average price is $115.98. TD SYNNEX Co. has a 12 month low of $89.73 and a 12 month high of $133.85. The stock has a market cap of $10.36 billion, a P/E ratio of 16.89, a PEG ratio of 1.21 and a beta of 1.52. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47.

TD SYNNEX (NYSE:SNX) last released its quarterly 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). TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $14.12 billion. As a group, research 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 announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 annualized dividend and a dividend yield of 1.32%. 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.