TD SYNNEX (NYSE:SNX) Hits New 12-Month High – Time to Buy?

TD SYNNEX Corporation (NYSE:SNX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $286.99 and last traded at $284.2750, with a volume of 71646 shares changing hands. The stock had previously closed at $280.65.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SNX. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. UBS Group boosted their target price on shares of TD SYNNEX from $265.00 to $310.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. The Goldman Sachs Group boosted their target price on shares of TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Research downgraded shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Finally, Barrington Research reiterated an “outperform” rating and set a $182.00 target price on shares of TD SYNNEX in a research note on Friday, March 27th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, TD SYNNEX has a consensus rating of “Moderate Buy” and an average target price of $233.10.

TD SYNNEX Trading Up 1.3%

The stock has a market cap of $22.84 billion, a price-to-earnings ratio of 23.64, a P/E/G ratio of 1.21 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The business’s 50 day moving average is $232.97 and its 200 day moving average is $183.36.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. During the same period in the previous year, the company earned $2.80 earnings per share. TD SYNNEX’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, equities analysts expect that TD SYNNEX Corporation will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. TD SYNNEX’s payout ratio is 15.96%.

Insider Activity

In other news, Director Richard T. Hume sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the sale, the director directly owned 23,537 shares of the company’s stock, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the sale, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at $2,659,071.10. The trade was a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 21,250 shares of company stock valued at $4,935,282. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ossiam grew its position in TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider’s stock worth $27,000 after buying an additional 75 shares during the period. Dorato Capital Management acquired a new position in TD SYNNEX during the fourth quarter worth about $27,000. Measured Wealth Private Client Group LLC acquired a new position in TD SYNNEX during the third quarter worth about $30,000. Aster Capital Management DIFC Ltd acquired a new position in TD SYNNEX during the fourth quarter worth about $28,000. Finally, SJS Investment Consulting Inc. grew its position in TD SYNNEX by 44.6% during the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider’s stock worth $34,000 after buying an additional 62 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

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.