TD SYNNEX (NYSE:SNX) Cut to “Hold” at StockNews.com

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research report released on Friday.

Other research analysts have also recently issued research reports about the stock. Cfra upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating and increased their target price for the stock from $122.00 to $147.00 in a report on Friday, January 10th. JPMorgan Chase & Co. increased their price objective on shares of TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, January 13th. Barclays lifted their target price on TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of TD SYNNEX in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.38.

TD SYNNEX Trading Down 0.5 %

NYSE SNX opened at $142.78 on Friday. The stock has a market capitalization of $12.09 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 1.06 and a beta of 1.49. TD SYNNEX has a 52 week low of $98.70 and a 52 week high of $144.27. The stock’s 50 day moving average price is $128.51 and its two-hundred day moving average price is $121.51. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24.

TD SYNNEX Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 24th were paid a dividend of $0.44 per share. This is an increase from TD SYNNEX’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Friday, January 24th. TD SYNNEX’s payout ratio is currently 22.11%.

Insider Buying and Selling

In related news, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the sale, the director now directly owns 111,080 shares in the company, valued at $13,065,229.60. The trade was a 15.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Patrick Zammit sold 6,823 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $143.00, for a total value of $975,689.00. Following the transaction, the chief executive officer now owns 165,604 shares in the company, valued at $23,681,372. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,289 shares of company stock valued at $3,639,500. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently modified their holdings of the business. Pathstone Holdings LLC boosted its holdings in TD SYNNEX by 45.2% in the 3rd quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock valued at $2,197,000 after purchasing an additional 5,698 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of TD SYNNEX by 37.0% in the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after buying an additional 813,634 shares during the period. Stratos Investment Management LLC grew its position in TD SYNNEX by 5.6% during the third quarter. Stratos Investment Management LLC now owns 28,115 shares of the business services provider’s stock worth $3,376,000 after buying an additional 1,486 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in TD SYNNEX by 170.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,714 shares of the business services provider’s stock worth $9,812,000 after acquiring an additional 51,465 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in TD SYNNEX in the 4th quarter valued at $2,260,000. 84.00% of the stock is currently 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.