AGF Management Ltd. Cuts Holdings in TD SYNNEX Co. (NYSE:SNX)

AGF Management Ltd. reduced its position in TD SYNNEX Co. (NYSE:SNX) by 23.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 17,985 shares of the business services provider’s stock after selling 5,492 shares during the period. AGF Management Ltd.’s holdings in TD SYNNEX were worth $2,075,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Nordea Investment Management AB raised its position in shares of TD SYNNEX by 38.5% in the 1st quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock worth $172,081,000 after buying an additional 421,908 shares during the period. Goldman Sachs Group Inc. raised its position in TD SYNNEX by 63.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock valued at $17,756,000 after purchasing an additional 64,024 shares during the period. Norges Bank purchased a new position in TD SYNNEX in the fourth quarter valued at about $79,506,000. Lord Abbett & CO. LLC purchased a new position in TD SYNNEX in the first quarter valued at about $57,981,000. Finally, Wedge Capital Management L L P NC raised its position in TD SYNNEX by 20.3% in the second quarter. Wedge Capital Management L L P NC now owns 31,146 shares of the business services provider’s stock valued at $3,594,000 after purchasing an additional 5,252 shares during the period. 84.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Bank of America cut their price objective on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Barrington Research restated an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a research note on Wednesday, June 26th. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Royal Bank of Canada upgraded TD SYNNEX from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $135.00 to $140.00 in a research note on Monday, July 15th. Finally, UBS Group raised their target price on TD SYNNEX from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $127.33.

Insiders Place Their Bets

In other TD SYNNEX news, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,580,095.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Marshall Witt sold 11,441 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the completion of the sale, the chief financial officer now directly owns 45,115 shares in the company, valued at $4,968,966.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dennis Polk sold 20,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the completion of the sale, the insider now owns 134,706 shares of the company’s stock, valued at $15,580,095.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,188 shares of company stock worth $3,998,655. Corporate insiders own 1.90% of the company’s stock.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $112.89 on Friday. TD SYNNEX Co. has a 12 month low of $89.73 and a 12 month high of $133.85. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.10 and a beta of 1.49. The stock’s 50 day moving average price is $115.56 and its 200 day moving average price is $117.04. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.26 and a quick ratio of 0.78.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.66 by ($0.05). The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $14.12 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. Equities research analysts anticipate that TD SYNNEX Co. will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, July 12th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Friday, July 12th. TD SYNNEX’s payout ratio is 22.41%.

About TD SYNNEX

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.