Bank of New York Mellon Corp decreased its stake in shares of Tech Data Corporation (NASDAQ:TECD) by 22.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 686,284 shares of the company’s stock after selling 199,566 shares during the period. Bank of New York Mellon Corp owned approximately 1.81% of Tech Data Corporation worth $64,443,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC raised its position in shares of Tech Data Corporation by 2.9% in the fourth quarter. FMR LLC now owns 5,163,168 shares of the company’s stock worth $437,217,000 after buying an additional 143,225 shares in the last quarter. State Street Corp raised its position in shares of Tech Data Corporation by 0.4% in the fourth quarter. State Street Corp now owns 1,222,451 shares of the company’s stock worth $103,514,000 after buying an additional 5,129 shares in the last quarter. Norges Bank purchased a new position in shares of Tech Data Corporation during the fourth quarter worth $40,749,000. Russell Investments Group Ltd. purchased a new position in shares of Tech Data Corporation during the fourth quarter worth $40,448,000. Finally, Calamos Advisors LLC purchased a new position in shares of Tech Data Corporation during the fourth quarter worth $14,998,000. 93.56% of the stock is currently owned by institutional investors.
Tech Data Corporation (TECD) traded down 1.31% during trading on Friday, hitting $96.33. The stock had a trading volume of 512,654 shares. The stock’s 50 day moving average price is $96.84 and its 200 day moving average price is $90.87. Tech Data Corporation has a 12-month low of $67.67 and a 12-month high of $105.34. The firm has a market cap of $3.67 billion, a P/E ratio of 17.98 and a beta of 0.78.
Tech Data Corporation (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, June 1st. The company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.53. Tech Data Corporation had a return on equity of 11.67% and a net margin of 0.69%. The company had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.31 billion. During the same quarter in the prior year, the company posted $1.05 EPS. The business’s revenue for the quarter was up 28.5% compared to the same quarter last year. On average, analysts anticipate that Tech Data Corporation will post $9.76 EPS for the current fiscal year.
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A number of research analysts have recently weighed in on TECD shares. Zacks Investment Research raised Tech Data Corporation from a “hold” rating to a “strong-buy” rating and set a $106.00 price objective on the stock in a report on Tuesday, March 7th. Bank of America Corporation reaffirmed a “buy” rating and set a $110.00 target price on shares of Tech Data Corporation in a report on Thursday, June 1st. Needham & Company LLC raised Tech Data Corporation from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a report on Thursday, March 9th. BidaskClub lowered Tech Data Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday. Finally, Citigroup Inc. raised Tech Data Corporation from a “sell” rating to a “neutral” rating and set a $115.00 target price on the stock in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Tech Data Corporation has an average rating of “Buy” and an average target price of $105.57.
In other news, VP David R. Vetter sold 6,000 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $100.26, for a total transaction of $601,560.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry J. Harczak, Jr. sold 2,200 shares of the company’s stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $91.72, for a total value of $201,784.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,024 shares of company stock worth $1,579,554. Corporate insiders own 1.60% of the company’s stock.
Tech Data Corporation Company Profile
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services.
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