Burgundy Asset Management Ltd. Decreases Stock Position in TD SYNNEX Co. (NYSE:SNX)

Burgundy Asset Management Ltd. lessened its stake in TD SYNNEX Co. (NYSE:SNX) by 77.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,874 shares of the business services provider’s stock after selling 499,352 shares during the quarter. Burgundy Asset Management Ltd. owned about 0.17% of TD SYNNEX worth $16,874,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC boosted its holdings in TD SYNNEX by 20.1% in the 4th quarter. Barclays PLC now owns 97,617 shares of the business services provider’s stock worth $11,448,000 after acquiring an additional 16,310 shares during the period. Proficio Capital Partners LLC purchased a new position in TD SYNNEX in the 4th quarter worth approximately $5,158,000. JPMorgan Chase & Co. boosted its holdings in TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after acquiring an additional 813,634 shares during the period. Sei Investments Co. boosted its holdings in TD SYNNEX by 25.5% in the 4th quarter. Sei Investments Co. now owns 70,745 shares of the business services provider’s stock worth $8,297,000 after acquiring an additional 14,379 shares during the period. Finally, IFP Advisors Inc boosted its holdings in TD SYNNEX by 976.6% in the 4th quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock worth $119,000 after acquiring an additional 918 shares during the period. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen cut TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. The Goldman Sachs Group cut their target price on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Barclays cut their target price on TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Friday, March 28th. Barrington Research reaffirmed an “outperform” rating and issued a $156.00 target price on shares of TD SYNNEX in a research report on Friday, April 11th. Finally, UBS Group cut their target price on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $137.22.

Insiders Place Their Bets

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total value of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares of the company’s stock, valued at $6,383,891.44. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $135.88, for a total value of $2,717,600.00. Following the completion of the sale, the director now directly owns 65,480 shares in the company, valued at $8,897,422.40. This represents a 23.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,510 shares of company stock valued at $3,241,001 over the last three months. Company insiders own 1.00% of the company’s stock.

TD SYNNEX Stock Performance

SNX stock opened at $122.15 on Friday. 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 firm has a market cap of $10.25 billion, a P/E ratio of 15.35, a P/E/G 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. The stock’s 50 day simple moving average is $112.98 and its 200 day simple moving average is $123.38.

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

TD SYNNEX Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Friday, April 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.44%. The ex-dividend date was Friday, April 11th. TD SYNNEX’s dividend payout ratio is presently 21.97%.

TD SYNNEX 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.