TD SYNNEX (NYSE:SNX) Hits New 12-Month High – What’s Next?

TD SYNNEX Corporation (NYSE:SNX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $234.99 and last traded at $233.5130, with a volume of 78685 shares traded. The stock had previously closed at $227.84.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SNX shares. The Goldman Sachs Group raised their price target on TD SYNNEX from $180.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. UBS Group boosted their target price on shares of TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on shares of TD SYNNEX from $185.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TD SYNNEX in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, TD SYNNEX has an average rating of “Moderate Buy” and an average price target of $197.70.

TD SYNNEX Trading Up 2.2%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The company has a market capitalization of $18.72 billion, a P/E ratio of 19.35, a PEG ratio of 1.15 and a beta of 1.40. The company’s fifty day simple moving average is $180.17 and its 200-day simple moving average is $163.43.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.24 by $1.49. The company had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. TD SYNNEX’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company posted $2.80 earnings per share. Research analysts predict that TD SYNNEX Corporation will post 15.69 earnings per share for the current year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio is 15.96%.

Insider Buying and Selling

In other news, insider Miriam Anne Murphy sold 3,025 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the sale, the insider directly owned 10,820 shares in the company, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Merline Saintil sold 167 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total transaction of $26,344.25. Following the transaction, the director owned 6,995 shares of the company’s stock, valued at approximately $1,103,461.25. This trade represents a 2.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 20,317 shares of company stock worth $3,627,599 over the last ninety days. 0.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of large investors have recently made changes to their positions in SNX. Thrivent Financial for Lutherans increased its holdings in shares of TD SYNNEX by 7.7% during the third quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider’s stock valued at $162,568,000 after acquiring an additional 71,249 shares in the last quarter. Concentric Capital Strategies LP acquired a new stake in TD SYNNEX in the 3rd quarter worth approximately $18,036,000. Envestnet Asset Management Inc. grew its position in TD SYNNEX by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider’s stock worth $13,587,000 after purchasing an additional 8,264 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in TD SYNNEX during the 3rd quarter valued at approximately $1,701,000. Finally, Citigroup Inc. lifted its stake in shares of TD SYNNEX by 12.0% during the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock worth $13,608,000 after buying an additional 8,914 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

About TD SYNNEX

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.