TD SYNNEX (NYSE:SNX) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of TD SYNNEX (NYSE:SNX) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

A number of other brokerages have also recently weighed in on SNX. The Goldman Sachs Group raised their price target on TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Morgan Stanley raised their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Barrington Research restated an “outperform” rating and issued a $182.00 price target on shares of TD SYNNEX in a research report on Friday, March 27th. Royal Bank Of Canada raised their price target on TD SYNNEX from $210.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. Finally, UBS Group increased their price objective on TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $212.60.

TD SYNNEX Trading Up 3.4%

Shares of SNX stock opened at $279.67 on Monday. TD SYNNEX has a fifty-two week low of $118.90 and a fifty-two week high of $286.25. The stock has a market cap of $22.48 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.17 and a beta of 1.43. The business has a fifty day simple moving average of $212.80 and a 200-day simple moving average of $175.31. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. During the same quarter last year, the business posted $2.80 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts forecast that TD SYNNEX will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

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

Insiders Place Their Bets

In other TD SYNNEX news, CFO David Gregory Jordan sold 3,225 shares of the firm’s 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 directly owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miriam Anne Murphy sold 3,025 shares of the firm’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value 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. The trade was a 21.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 16,250 shares of company stock valued at $3,533,382. Insiders own 0.70% of the company’s stock.

Institutional Trading of TD SYNNEX

Hedge funds have recently added to or reduced their stakes in the business. Dorato Capital Management acquired a new stake in TD SYNNEX in the 4th quarter worth about $27,000. Ossiam boosted its stake in TD SYNNEX by 84.3% in the 3rd quarter. Ossiam now owns 164 shares of the business services provider’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in TD SYNNEX in the 4th quarter worth about $28,000. Measured Wealth Private Client Group LLC acquired a new stake in TD SYNNEX in the 3rd quarter worth about $30,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in TD SYNNEX in the 4th quarter worth about $32,000. 84.00% of the stock is owned by institutional investors and hedge funds.

About TD SYNNEX

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.