TD SYNNEX (NYSE:SNX) Sets New 1-Year High – Here’s Why

TD SYNNEX Corporation (NYSE:SNX)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $291.79 and last traded at $292.2770, with a volume of 233513 shares changing hands. The stock had previously closed at $283.26.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. UBS Group upped their price target on shares of TD SYNNEX from $265.00 to $310.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. The Goldman Sachs Group raised their price objective on shares of TD SYNNEX from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price on the stock in a research report on Wednesday, May 27th. Morgan Stanley increased their target price on shares of TD SYNNEX from $271.00 to $341.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank Of Canada lifted their price target on shares of TD SYNNEX from $250.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. Nine equities 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, TD SYNNEX has an average rating of “Moderate Buy” and a consensus target price of $249.80.

TD SYNNEX Trading Down 2.8%

The firm has a market cap of $22.68 billion, a PE ratio of 23.45, a PEG ratio of 1.19 and a beta of 1.43. The business has a 50-day moving average price of $247.10 and a two-hundred day moving average price of $190.78. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings results on Thursday, June 25th. The business services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.71. The business had revenue of $19.57 billion during the quarter, compared to the consensus estimate of $16.80 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%. Analysts forecast that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Dividend Announcement

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

Insider Activity

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the sale, the director owned 23,537 shares in the company, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of TD SYNNEX stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,250 shares of company stock worth $4,935,282 over the last ninety days. 0.70% of the stock is currently owned by insiders.

Institutional Trading of TD SYNNEX

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ossiam boosted its holdings 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 purchasing an additional 75 shares during the last quarter. Dorato Capital Management acquired a new position in TD SYNNEX in the fourth quarter valued at $27,000. Measured Wealth Private Client Group LLC acquired a new position in TD SYNNEX in the third quarter valued at $30,000. Aster Capital Management DIFC Ltd purchased a new stake in TD SYNNEX in the 4th quarter valued at about $28,000. Finally, SJS Investment Consulting Inc. grew its holdings in TD SYNNEX by 44.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider’s stock valued at $34,000 after buying an additional 62 shares during the period. 84.00% of the stock is owned by hedge funds and other institutional investors.

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.