TD SYNNEX (NYSE:SNX) Announces Earnings Results, Beats Estimates By $0.71 EPS

TD SYNNEX (NYSE:SNX) posted its quarterly earnings data on Thursday. The business services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.71, FiscalAI reports. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The business had revenue of $19.57 billion during the quarter, compared to analysts’ expectations of $16.80 billion.

TD SYNNEX Stock Performance

Shares of SNX stock opened at $282.13 on Thursday. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 1.19 and a beta of 1.43. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average price is $247.10 and its 200-day moving average price is $190.78. TD SYNNEX has a 12 month low of $133.71 and a 12 month high of $296.47.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio (DPR) is presently 15.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNX. The Goldman Sachs Group upped their price target on shares of TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Zacks Research cut TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Barrington Research reiterated an “outperform” rating on shares of TD SYNNEX in a research note on Tuesday, June 16th. UBS Group boosted their price target on TD SYNNEX from $265.00 to $310.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Finally, Morgan Stanley raised their price objective on TD SYNNEX from $271.00 to $341.00 and gave the company an “overweight” rating in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $249.80.

Insider Activity at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the completion of the transaction, the director owned 23,537 shares of the company’s stock, valued at approximately $6,599,304.06. This trade represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the business’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total transaction of $605,423.50. Following the completion of the sale, the insider directly owned 10,820 shares in the company, valued at approximately $2,165,514.80. This represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 21,250 shares of company stock worth $4,935,282 in the last quarter. 0.70% of the stock is owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors have recently made changes to their positions in SNX. Ossiam raised its position in shares of TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in TD SYNNEX during the 4th quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC acquired a new stake in TD SYNNEX during the 3rd quarter valued at approximately $30,000. Brown Brothers Harriman & Co. raised its holdings in TD SYNNEX by 675.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 225 shares of the business services provider’s stock worth $37,000 after purchasing an additional 196 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of TD SYNNEX by 97.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 470 shares of the business services provider’s stock worth $72,000 after purchasing an additional 232 shares during the period. Institutional investors own 84.00% of the company’s stock.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.