TD SYNNEX (NYSE:SNX) Reaches New 52-Week Low Following Weak Earnings

Shares of TD SYNNEX Co. (NYSE:SNX) hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $98.00 and last traded at $100.88, with a volume of 145646 shares traded. The stock had previously closed at $125.46.

The business services provider reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The firm had revenue of $14.53 billion for the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the company earned $2.99 EPS.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.68%. TD SYNNEX’s dividend payout ratio is 22.11%.

Analyst Ratings Changes

SNX has been the subject of several recent research reports. Royal Bank of Canada increased their price target on TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. dropped their price target on shares of TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research report on Friday. UBS Group decreased their price objective on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Friday. The Goldman Sachs Group dropped their price objective on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Cfra decreased their target price on TD SYNNEX from $147.00 to $132.00 and set a “buy” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, TD SYNNEX presently has an average rating of “Moderate Buy” and an average target price of $140.00.

Insider Buying and Selling at TD SYNNEX

In other news, CEO Patrick Zammit sold 6,823 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $143.00, for a total transaction of $975,689.00. Following the completion of the transaction, the chief executive officer now owns 165,604 shares of the company’s stock, valued at approximately $23,681,372. The trade was a 3.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total value of $2,352,400.00. Following the sale, the director now owns 111,080 shares of the company’s stock, valued at approximately $13,065,229.60. This represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,172 shares of company stock worth $6,353,261 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

A number of institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its holdings in shares of TD SYNNEX by 117.1% during the third quarter. Advisors Asset Management Inc. now owns 1,259 shares of the business services provider’s stock worth $151,000 after buying an additional 679 shares in the last quarter. Cerity Partners LLC grew its position in TD SYNNEX by 51.3% during the 3rd quarter. Cerity Partners LLC now owns 16,792 shares of the business services provider’s stock worth $2,016,000 after acquiring an additional 5,691 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in TD SYNNEX by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 68,289 shares of the business services provider’s stock worth $8,200,000 after purchasing an additional 746 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of TD SYNNEX during the third quarter valued at about $2,237,000. Finally, Bridgewater Associates LP boosted its stake in shares of TD SYNNEX by 493.7% during the third quarter. Bridgewater Associates LP now owns 77,506 shares of the business services provider’s stock valued at $9,307,000 after purchasing an additional 64,452 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

TD SYNNEX Stock Performance

The company has a fifty day moving average price of $135.67 and a two-hundred day moving average price of $125.53. The company has a market capitalization of $8.81 billion, a P/E ratio of 13.12, a PEG ratio of 1.06 and a beta of 1.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76.

TD SYNNEX Company 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.