Harmony Asset Management LLC Lowers Position in TD SYNNEX Co. (NYSE:SNX)

Harmony Asset Management LLC lessened its stake in TD SYNNEX Co. (NYSE:SNX) by 8.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,618 shares of the business services provider’s stock after selling 2,849 shares during the quarter. TD SYNNEX makes up about 1.4% of Harmony Asset Management LLC’s investment portfolio, making the stock its 17th largest position. Harmony Asset Management LLC’s holdings in TD SYNNEX were worth $3,474,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in TD SYNNEX by 37.0% during 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 purchasing an additional 813,634 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in TD SYNNEX during the fourth quarter valued at $2,260,000. Ritholtz Wealth Management raised its stake in TD SYNNEX by 10.6% during the fourth quarter. Ritholtz Wealth Management now owns 2,519 shares of the business services provider’s stock valued at $295,000 after purchasing an additional 241 shares in the last quarter. HB Wealth Management LLC purchased a new stake in TD SYNNEX during the fourth quarter valued at $279,000. Finally, UMB Bank n.a. raised its stake in TD SYNNEX by 48.4% during the fourth 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. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Trading Down 2.2%

NYSE SNX opened at $121.36 on Thursday. The company’s 50-day moving average price is $113.11 and its 200-day moving average price is $123.34. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.18 billion, a PE ratio of 15.25, a PEG ratio of 1.06 and a beta of 1.33. TD SYNNEX Co. has a 12 month low of $92.23 and a 12 month high of $145.10.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 EPS for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to the consensus estimate of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.99 earnings per share. Equities research analysts forecast that TD SYNNEX Co. will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Friday, April 11th. TD SYNNEX’s payout ratio is presently 21.97%.

Insider Transactions at TD SYNNEX

In other news, CFO Marshall Witt sold 1,510 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the transaction, the chief financial officer now directly owns 49,843 shares in the company, valued at approximately $6,383,891.44. This trade represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miriam Anne Murphy sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total transaction of $330,000.00. Following the transaction, the insider now owns 14,883 shares in the company, valued at approximately $1,637,130. This represents a 16.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,510 shares of company stock worth $3,241,001. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on SNX. Barclays decreased their price target on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Friday, March 28th. Barrington Research reaffirmed an “outperform” rating and set a $156.00 price target on shares of TD SYNNEX in a research note on Friday, April 11th. The Goldman Sachs Group reduced their price objective on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. StockNews.com downgraded shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. Finally, Royal Bank of Canada cut their target price on TD SYNNEX from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, April 11th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $137.22.

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.