TD SYNNEX (NYSE:SNX) Shares Gap Down to $129.34

TD SYNNEX Co. (NYSE:SNX)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $129.34, but opened at $120.45. TD SYNNEX shares last traded at $121.74, with a volume of 222,193 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SNX shares. JPMorgan Chase & Co. reduced their price objective on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a research note on Wednesday. Royal Bank of Canada restated a “sector perform” rating and issued a $135.00 price objective on shares of TD SYNNEX in a research note on Wednesday. Bank of America raised their price objective on TD SYNNEX from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Barclays raised their price objective on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 27th. Finally, Barrington Research reiterated an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $123.55.

TD SYNNEX Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.75. The firm has a fifty day simple moving average of $124.64 and a 200 day simple moving average of $112.49. The company has a market capitalization of $10.35 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 1.13 and a beta of 1.55.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, March 26th. The business services provider reported $2.83 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $14.37 billion. On average, analysts anticipate that TD SYNNEX Co. will post 11.38 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

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

Insider Buying and Selling at TD SYNNEX

In other news, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction that occurred on 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 of the company’s stock, valued at $25,400,041.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction that occurred on 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 of the company’s stock, valued at $25,400,041.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $118.10, for a total value of $2,362,000.00. Following the completion of the sale, the insider now directly owns 134,706 shares in the company, valued at $15,908,778.60. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its stake in TD SYNNEX by 15.9% during the fourth quarter. Diversified Trust Co now owns 2,989 shares of the business services provider’s stock worth $322,000 after buying an additional 409 shares during the last quarter. Norges Bank acquired a new position in TD SYNNEX during the fourth quarter worth $79,506,000. Principal Financial Group Inc. boosted its stake in TD SYNNEX by 1.9% during the fourth quarter. Principal Financial Group Inc. now owns 733,239 shares of the business services provider’s stock worth $78,904,000 after buying an additional 13,730 shares during the last quarter. Raymond James Trust N.A. boosted its stake in TD SYNNEX by 9.0% during the fourth quarter. Raymond James Trust N.A. now owns 3,613 shares of the business services provider’s stock worth $389,000 after buying an additional 297 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in TD SYNNEX by 8.5% during the fourth quarter. New York State Common Retirement Fund now owns 140,371 shares of the business services provider’s stock worth $15,105,000 after buying an additional 10,947 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.