Burgundy Asset Management Ltd. Grows Position in TD SYNNEX Co. (NYSE:SNX)

Burgundy Asset Management Ltd. grew its position in shares of TD SYNNEX Co. (NYSE:SNX) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 573,948 shares of the business services provider’s stock after acquiring an additional 8,187 shares during the quarter. Burgundy Asset Management Ltd. owned 0.67% of TD SYNNEX worth $66,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB boosted its holdings in TD SYNNEX by 38.5% during the first quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock worth $172,081,000 after purchasing an additional 421,908 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of TD SYNNEX by 63.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock worth $17,756,000 after buying an additional 64,024 shares during the last quarter. Norges Bank purchased a new position in shares of TD SYNNEX in the 4th quarter worth approximately $79,506,000. Lord Abbett & CO. LLC bought a new position in shares of TD SYNNEX in the first quarter valued at approximately $57,981,000. Finally, Wedge Capital Management L L P NC increased its position in shares of TD SYNNEX by 20.3% during the second quarter. Wedge Capital Management L L P NC now owns 31,146 shares of the business services provider’s stock valued at $3,594,000 after acquiring an additional 5,252 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

TD SYNNEX Stock Down 0.5 %

TD SYNNEX stock opened at $115.58 on Thursday. The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.10 and a beta of 1.49. The firm has a 50 day simple moving average of $115.71 and a 200 day simple moving average of $117.29. TD SYNNEX Co. has a 1-year low of $89.73 and a 1-year high of $133.85. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, June 25th. The business services provider reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.05). TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $14.12 billion. On average, analysts predict that TD SYNNEX Co. will post 11.22 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.38%. TD SYNNEX’s dividend payout ratio (DPR) is currently 22.41%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the sale, the chief financial officer now directly owns 45,115 shares in the company, valued at approximately $4,968,966.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other TD SYNNEX news, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the transaction, the chief operating officer now directly owns 140,205 shares in the company, valued at approximately $15,882,422.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marshall Witt sold 11,441 shares of TD SYNNEX stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the sale, the chief financial officer now owns 45,115 shares of the company’s stock, valued at approximately $4,968,966.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,188 shares of company stock valued at $3,998,655. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SNX. Barrington Research restated an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a research note on Wednesday, June 26th. Royal Bank of Canada upgraded shares of TD SYNNEX from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $135.00 to $140.00 in a report on Monday, July 15th. UBS Group boosted their target price on shares of TD SYNNEX from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. JPMorgan Chase & Co. decreased their price target on shares of TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Bank of America dropped their price objective on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $127.33.

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.