TD SYNNEX (NYSE:SNX) Receives “Outperform” Rating from Barrington Research

Barrington Research reissued their outperform rating on shares of TD SYNNEX (NYSE:SNX) in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a $138.00 price target on the business services provider’s stock.

SNX has been the subject of several other reports. Royal Bank of Canada increased their price objective on TD SYNNEX from $118.00 to $135.00 and gave the stock a sector perform rating in a report on Tuesday, June 11th. Cfra increased their price objective on TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a report on Tuesday, March 26th. Bank of America increased their price objective on TD SYNNEX from $120.00 to $140.00 and gave the stock a buy rating in a report on Tuesday, April 2nd. UBS Group upgraded TD SYNNEX from a neutral rating to a buy rating and raised their target price for the company from $115.00 to $145.00 in a report on Tuesday, April 16th. Finally, Barclays raised their target price on TD SYNNEX from $111.00 to $118.00 and gave the company an equal weight rating in a report on Wednesday, March 27th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $123.55.

TD SYNNEX Price Performance

SNX opened at $116.16 on Wednesday. The stock has a fifty day moving average of $124.64 and a 200-day moving average of $112.49. The firm has a market capitalization of $10.35 billion, a P/E ratio of 16.27, a PEG ratio of 1.13 and a beta of 1.55. TD SYNNEX has a 12-month low of $87.68 and a 12-month high of $133.85. The company has a quick ratio of 0.75, a current ratio of 1.22 and a debt-to-equity ratio of 0.38.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, March 26th. The business services provider reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.12. TD SYNNEX had a return on equity of 12.22% and a net margin of 1.14%. The company had revenue of $13.98 billion during the quarter, compared to analyst estimates of $14.37 billion. Equities analysts forecast that TD SYNNEX will post 11.38 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Friday, July 12th. TD SYNNEX’s dividend payout ratio is currently 22.41%.

Insider Activity

In related news, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the sale, the insider now directly owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the sale, the insider now directly owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $115.79, for a total value of $1,157,900.00. Following the sale, the chief executive officer now directly owns 219,363 shares in the company, valued at $25,400,041.77. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors have recently added to or reduced their stakes in SNX. Invesco Ltd. boosted its holdings in TD SYNNEX by 22.0% during the third quarter. Invesco Ltd. now owns 345,202 shares of the business services provider’s stock valued at $34,472,000 after purchasing an additional 62,296 shares in the last quarter. Northern Trust Corp boosted its holdings in TD SYNNEX by 7.0% during the third quarter. Northern Trust Corp now owns 321,245 shares of the business services provider’s stock valued at $32,080,000 after purchasing an additional 21,123 shares in the last quarter. Natixis Advisors L.P. boosted its holdings in TD SYNNEX by 49.6% during the third quarter. Natixis Advisors L.P. now owns 61,567 shares of the business services provider’s stock valued at $6,148,000 after purchasing an additional 20,400 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in TD SYNNEX by 193.1% during the third quarter. Tower Research Capital LLC TRC now owns 5,879 shares of the business services provider’s stock valued at $587,000 after purchasing an additional 3,873 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new stake in TD SYNNEX during the third quarter valued at approximately $218,000. 84.00% of the stock is owned by institutional investors and hedge funds.

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.