TD SYNNEX (NYSE:SNX) Reaches New 12-Month High Following Analyst Upgrade

TD SYNNEX Co. (NYSE:SNX) reached a new 52-week high during mid-day trading on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $134.97 and last traded at $134.19, with a volume of 65583 shares. The stock had previously closed at $132.84.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Tuesday, January 7th. Barrington Research reissued an “outperform” rating and issued a $138.00 price target on shares of TD SYNNEX in a research note on Monday, September 23rd. Cfra upgraded TD SYNNEX from a “hold” rating to a “buy” rating and boosted their price target for the company from $122.00 to $147.00 in a report on Friday, January 10th. JPMorgan Chase & Co. increased their price objective on TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Loop Capital restated a “buy” rating and issued a $150.00 target price on shares of TD SYNNEX in a research note on Monday, October 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $144.38.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total value of $182,906.30. Following the transaction, the chief financial officer now directly owns 48,362 shares of the company’s stock, valued at $5,858,089.06. This represents a 3.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Simon Leung sold 6,249 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total value of $769,689.33. Following the completion of the transaction, the insider now directly owns 23,339 shares in the company, valued at $2,874,664.63. The trade was a 21.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,876 shares of company stock valued at $5,782,129. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of TD SYNNEX

Several institutional investors have recently added to or reduced their stakes in SNX. Hancock Whitney Corp boosted its position in shares of TD SYNNEX by 57.9% in the second quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock valued at $1,954,000 after acquiring an additional 6,207 shares during the period. Pathstone Holdings LLC increased its holdings in shares of TD SYNNEX by 45.2% during the third quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock worth $2,197,000 after purchasing an additional 5,698 shares during the period. Intech Investment Management LLC acquired a new stake in shares of TD SYNNEX in the second quarter valued at approximately $1,634,000. The Manufacturers Life Insurance Company boosted its stake in shares of TD SYNNEX by 20.7% in the second quarter. The Manufacturers Life Insurance Company now owns 67,543 shares of the business services provider’s stock valued at $7,794,000 after buying an additional 11,589 shares during the period. Finally, JPMorgan Chase & Co. grew its position in TD SYNNEX by 37.0% during the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after buying an additional 813,634 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Stock Performance

The stock has a 50 day simple moving average of $120.48 and a 200 day simple moving average of $118.02. The stock has a market cap of $11.57 billion, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

TD SYNNEX Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 24th will be given a dividend of $0.44 per share. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, January 24th. This represents a $1.76 annualized dividend and a yield of 1.29%. TD SYNNEX’s dividend payout ratio is currently 22.11%.

TD SYNNEX Company Profile

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.