Arizona State Retirement System Raises Stock Position in TD SYNNEX Co. (NYSE:SNX)

Arizona State Retirement System raised its holdings in TD SYNNEX Co. (NYSE:SNX) by 33.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,519 shares of the business services provider’s stock after purchasing an additional 5,444 shares during the quarter. Arizona State Retirement System’s holdings in TD SYNNEX were worth $2,483,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SNX. Victory Capital Management Inc. lifted its holdings in shares of TD SYNNEX by 52.3% in the 2nd quarter. Victory Capital Management Inc. now owns 331,992 shares of the business services provider’s stock valued at $38,312,000 after buying an additional 114,009 shares during the period. Horizon Investment Services LLC acquired a new position in TD SYNNEX in the second quarter valued at approximately $2,729,000. Foster & Motley Inc. boosted its position in TD SYNNEX by 70.2% in the 2nd quarter. Foster & Motley Inc. now owns 9,514 shares of the business services provider’s stock worth $1,098,000 after purchasing an additional 3,925 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of TD SYNNEX by 14.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 16,167 shares of the business services provider’s stock worth $1,866,000 after purchasing an additional 2,058 shares during the period. Finally, Privium Fund Management UK Ltd acquired a new position in shares of TD SYNNEX in the 2nd quarter valued at $1,390,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Patrick Zammit sold 3,513 shares of TD SYNNEX stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the sale, the chief operating officer now owns 140,205 shares in the company, valued at approximately $15,882,422.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Marshall Witt sold 11,441 shares of TD SYNNEX stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 45,115 shares in the company, valued at $4,968,966.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Zammit sold 3,513 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $113.28, for a total transaction of $397,952.64. Following the completion of the transaction, the chief operating officer now directly owns 140,205 shares of the company’s stock, valued at approximately $15,882,422.40. The disclosure for this sale can be found here. In the last three months, insiders have 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 0.2 %

SNX stock opened at $110.78 on Tuesday. TD SYNNEX Co. has a 12 month low of $89.73 and a 12 month high of $133.85. The company has a market cap of $9.47 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.10 and a beta of 1.49. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average of $115.65 and a two-hundred day moving average of $116.90.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.61 EPS for the quarter, missing the consensus estimate of $2.66 by ($0.05). The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $14.12 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. As a group, analysts forecast that TD SYNNEX Co. will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date was Friday, July 12th. TD SYNNEX’s dividend payout ratio is presently 22.41%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SNX shares. JPMorgan Chase & Co. cut their price objective on shares of TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Royal Bank of Canada raised 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. Barrington Research reissued an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a report on Wednesday, June 26th. Bank of America decreased their target price on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Finally, UBS Group boosted their price target on shares of TD SYNNEX from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $127.33.

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.