TD SYNNEX (NYSE:SNX) Downgraded to “Hold” Rating by StockNews.com

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

SNX has been the subject of several other reports. JPMorgan Chase & Co. upped their target price on shares of TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, January 13th. Royal Bank of Canada upped their price target on shares of TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Cfra raised shares of TD SYNNEX from a “hold” rating to a “buy” rating and upped their price target for the company from $122.00 to $147.00 in a report on Friday, January 10th. Finally, Barclays upped their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $147.50.

TD SYNNEX Price Performance

Shares of SNX stock opened at $139.26 on Tuesday. The company has a market capitalization of $11.75 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 1.06 and a beta of 1.49. The firm has a fifty day simple moving average of $133.27 and a 200-day simple moving average of $123.90. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. TD SYNNEX has a twelve month low of $101.21 and a twelve month high of $145.10.

TD SYNNEX Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.26%. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, January 24th. TD SYNNEX’s dividend payout ratio is 22.11%.

Insiders Place Their Bets

In related news, Director Richard T. Hume sold 20,000 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the transaction, the director now owns 111,080 shares in the company, valued at $13,065,229.60. This represents a 15.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $182,906.30. Following the completion of the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 29,289 shares of company stock valued at $3,639,500. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

A number of institutional investors and hedge funds have recently bought and sold shares of SNX. Bartlett & CO. Wealth Management LLC boosted its position in shares of TD SYNNEX by 345.1% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 176 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of TD SYNNEX by 174.7% during the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 152 shares in the last quarter. UMB Bank n.a. boosted its position in shares of TD SYNNEX by 48.4% during the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock valued at $50,000 after purchasing an additional 140 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of TD SYNNEX during the 3rd quarter valued at about $55,000. Finally, Blue Trust Inc. boosted its position in shares of TD SYNNEX by 37.7% during the 4th quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 129 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

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.