Resolute Capital Asset Partners LLC Invests $2.89 Million in TD SYNNEX Co. (NYSE:SNX)

Resolute Capital Asset Partners LLC purchased a new stake in TD SYNNEX Co. (NYSE:SNX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,000 shares of the business services provider’s stock, valued at approximately $2,885,000. TD SYNNEX accounts for about 1.6% of Resolute Capital Asset Partners LLC’s holdings, making the stock its 25th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of TD SYNNEX by 23.4% in the 1st quarter. Vanguard Group Inc. now owns 6,641,402 shares of the business services provider’s stock valued at $751,143,000 after acquiring an additional 1,261,474 shares during the period. Dimensional Fund Advisors LP raised its position in TD SYNNEX by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,239,852 shares of the business services provider’s stock valued at $258,482,000 after purchasing an additional 177,460 shares during the period. Nordea Investment Management AB lifted its stake in shares of 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 in the last quarter. Ninety One UK Ltd boosted its position in shares of TD SYNNEX by 131.0% in the second quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock worth $158,298,000 after buying an additional 777,924 shares during the period. Finally, Lyrical Asset Management LP grew its stake in shares of TD SYNNEX by 0.3% in the fourth quarter. Lyrical Asset Management LP now owns 1,277,884 shares of the business services provider’s stock valued at $137,513,000 after buying an additional 3,571 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SNX. Royal Bank of Canada upgraded TD SYNNEX from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $135.00 to $140.00 in a report on Monday, July 15th. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Bank of America dropped their price target on shares of TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. JPMorgan Chase & Co. decreased their price objective on shares of TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Barrington Research restated an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $127.33.

Insider Transactions at TD SYNNEX

In related news, insider Dennis Polk sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the transaction, the insider now owns 134,706 shares in the company, valued at $15,580,095.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 45,115 shares of the company’s stock, valued at approximately $4,968,966.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dennis Polk sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the transaction, the insider now owns 134,706 shares of the company’s stock, valued at approximately $15,580,095.96. The disclosure for this sale can be found here. In the last three months, insiders sold 35,188 shares of company stock valued at $3,998,655. Company insiders own 1.90% of the company’s stock.

TD SYNNEX Stock Down 0.5 %

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

TD SYNNEX (NYSE:SNX) last issued its earnings results 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). The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $14.12 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. On average, sell-side analysts forecast that TD SYNNEX Co. will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 12th were given a dividend of $0.40 per share. 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 22.41%.

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.