Concentric Capital Strategies LP Grows Stake in TD SYNNEX Co. (NYSE:SNX)

Concentric Capital Strategies LP boosted its stake in TD SYNNEX Co. (NYSE:SNX) by 4.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,115 shares of the business services provider’s stock after purchasing an additional 3,781 shares during the quarter. Concentric Capital Strategies LP owned about 0.10% of TD SYNNEX worth $10,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in TD SYNNEX by 18.4% in the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock worth $891,665,000 after purchasing an additional 1,154,651 shares during the period. Pacer Advisors Inc. lifted its stake in shares of TD SYNNEX by 58.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock valued at $313,469,000 after purchasing an additional 1,006,569 shares during the period. Ninety One UK Ltd boosted its holdings in shares of TD SYNNEX by 131.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock valued at $158,298,000 after buying an additional 777,924 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in TD SYNNEX by 560.0% in the third quarter. Thrivent Financial for Lutherans now owns 371,747 shares of the business services provider’s stock worth $44,639,000 after purchasing an additional 315,424 shares during the period. Finally, AQR Capital Management LLC increased its position in TD SYNNEX by 21.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,546,105 shares of the business services provider’s stock valued at $178,421,000 after buying an additional 269,759 shares in the last quarter. 84.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SNX. Barrington Research reaffirmed an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a research report on Monday, September 23rd. Loop Capital restated a “buy” rating and issued a $150.00 price target on shares of TD SYNNEX in a research report on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Friday, September 27th. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Barclays raised their price objective on TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $134.75.

TD SYNNEX Stock Performance

NYSE SNX opened at $118.99 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The stock has a 50-day simple moving average of $119.24 and a two-hundred day simple moving average of $119.60. TD SYNNEX Co. has a fifty-two week low of $96.93 and a fifty-two week high of $133.85. The firm has a market capitalization of $10.12 billion, a P/E ratio of 15.39, a PEG ratio of 1.20 and a beta of 1.48.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Thursday, September 26th. The business services provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.80 by $0.06. The company had revenue of $14.68 billion during the quarter, compared to analyst estimates of $14.11 billion. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. TD SYNNEX’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.71 EPS. On average, equities analysts forecast that TD SYNNEX Co. will post 11.03 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date was Friday, October 11th. TD SYNNEX’s dividend payout ratio (DPR) is 20.70%.

Insiders Place Their Bets

In other news, insider Simon Leung sold 6,249 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the transaction, the insider now owns 23,339 shares in the company, valued at approximately $2,874,664.63. This represents a 21.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David R. Vetter sold 20,000 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $123.14, for a total value of $2,462,800.00. Following the transaction, the insider now directly owns 66,381 shares in the company, valued at approximately $8,174,156.34. The trade was a 23.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,645 shares of company stock worth $8,414,329 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

TD SYNNEX Profile

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.