TD SYNNEX Co. (NYSE:SNX) Sees Large Drop in Short Interest

TD SYNNEX Co. (NYSE:SNX) was the target of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 1,440,000 shares, a decline of 29.1% from the December 15th total of 2,030,000 shares. Based on an average daily volume of 610,100 shares, the short-interest ratio is currently 2.4 days.

Insider Activity

In related news, Director Richard T. Hume sold 20,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the sale, the director now directly owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total transaction of $182,906.30. Following the completion of the sale, the chief financial officer now directly owns 48,362 shares in the company, valued at approximately $5,858,089.06. The trade was a 3.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 47,876 shares of company stock valued at $5,782,129. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in TD SYNNEX in the third quarter valued at approximately $30,000. UMB Bank n.a. boosted its stake in TD SYNNEX by 99.3% during the 3rd quarter. UMB Bank n.a. now owns 289 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 144 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in TD SYNNEX during the third quarter worth about $37,000. Point72 DIFC Ltd acquired a new position in shares of TD SYNNEX in the 3rd quarter worth approximately $55,000. Finally, Capital Performance Advisors LLP acquired a new position in TD SYNNEX in the third quarter worth approximately $58,000. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Stock Up 0.2 %

Shares of SNX traded up $0.21 during trading on Wednesday, reaching $136.25. The company’s stock had a trading volume of 1,007,625 shares, compared to its average volume of 830,669. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average of $120.83 and a two-hundred day moving average of $118.16. The company has a market cap of $11.59 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 1.14 and a beta of 1.46. TD SYNNEX has a twelve month low of $98.70 and a twelve month high of $138.04.

TD SYNNEX Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 24th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.29%. This is an increase from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, January 24th. TD SYNNEX’s dividend payout ratio (DPR) is 22.11%.

Analysts Set New Price Targets

A number of analysts have commented on SNX shares. Barrington Research reiterated an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a research report on Monday, September 23rd. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Tuesday. Barclays raised their price target on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research note on Wednesday. Finally, Loop Capital reiterated a “buy” rating and set a $150.00 target price on shares of TD SYNNEX in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $144.38.

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.