TD SYNNEX (NYSE:SNX) Rating Increased to Buy at StockNews.com

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

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

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $128.94 on Tuesday. The firm has a 50 day simple moving average of $137.14 and a 200-day simple moving average of $125.22. TD SYNNEX has a 1-year low of $102.23 and a 1-year high of $145.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The stock has a market cap of $10.88 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51.

TD SYNNEX Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 24th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, January 24th. This represents a $1.76 annualized dividend and a dividend yield of 1.36%. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s dividend payout ratio is currently 22.11%.

Insider Activity at TD SYNNEX

In other news, CEO Patrick Zammit sold 6,823 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total value of $975,689.00. Following the completion of the sale, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at $23,681,372. This represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the sale, the director now directly owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,662 shares of company stock worth $6,159,860 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC bought a new position in TD SYNNEX during the fourth quarter worth $5,158,000. Pathstone Holdings LLC boosted its stake in shares of 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 in the last quarter. JPMorgan Chase & Co. lifted its position in TD SYNNEX by 37.0% during the 3rd 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. IFP Advisors Inc lifted its position in TD SYNNEX by 976.6% during the 4th quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock worth $119,000 after buying an additional 918 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in TD SYNNEX during the 4th quarter worth about $2,260,000. Institutional investors own 84.00% of the company’s stock.

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.