TD SYNNEX Corporation (NYSE:SNX) Announces $0.44 Quarterly Dividend

TD SYNNEX Corporation (NYSE:SNX) declared a quarterly dividend on Tuesday, June 24th, RTT News reports. Shareholders of record on Friday, July 11th will be paid a dividend of 0.44 per share by the business services provider on Friday, July 25th. This represents a $1.76 dividend on an annualized basis and a yield of 1.38%.

TD SYNNEX has a dividend payout ratio of 13.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TD SYNNEX to earn $13.62 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 12.9%.

TD SYNNEX Price Performance

NYSE:SNX opened at $127.75 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.27 and a quick ratio of 0.74. The company has a 50 day moving average price of $118.72 and a 200-day moving average price of $124.02. TD SYNNEX has a 1-year low of $92.23 and a 1-year high of $145.10. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 1.06 and a beta of 1.29.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.28. TD SYNNEX had a net margin of 1.16% and a return on equity of 11.54%. During the same period in the previous year, the business earned $2.73 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts forecast that TD SYNNEX will post 11.88 EPS for the current year.

Analysts Set New Price Targets

SNX has been the subject of a number of analyst reports. Wall Street Zen cut TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on TD SYNNEX from $125.00 to $120.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Barrington Research reissued an “outperform” rating and issued a $156.00 price target on shares of TD SYNNEX in a research note on Monday. Cfra reduced their price objective on shares of TD SYNNEX from $147.00 to $132.00 and set a “buy” rating for the company in a research report on Friday, March 28th. Finally, The Goldman Sachs Group cut their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, March 28th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.00.

Insider Buying and Selling

In related news, insider Miriam Anne Murphy sold 3,000 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, April 30th. The stock was 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 trade represents a 16.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Marshall Witt sold 1,509 shares of the business’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total value of $189,153.15. Following the transaction, the chief financial officer now directly owns 49,563 shares in the company, valued at $6,212,722.05. This trade represents a 2.95% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of TD SYNNEX

A number of hedge funds and other institutional investors have recently modified their holdings of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of TD SYNNEX by 9.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider’s stock valued at $1,749,000 after acquiring an additional 1,460 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in TD SYNNEX by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider’s stock worth $18,631,000 after purchasing an additional 9,815 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in TD SYNNEX by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider’s stock valued at $21,226,000 after purchasing an additional 12,615 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

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.