Point72 Asset Management L.P. Acquires 186,905 Shares of TD SYNNEX Co. (NYSE:SNX)

Point72 Asset Management L.P. lifted its holdings in shares of TD SYNNEX Co. (NYSE:SNX) by 148.2% during the second quarter, HoldingsChannel reports. The firm owned 313,005 shares of the business services provider’s stock after purchasing an additional 186,905 shares during the quarter. Point72 Asset Management L.P.’s holdings in TD SYNNEX were worth $36,121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its stake in 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 valued at $172,081,000 after acquiring an additional 421,908 shares during the period. Goldman Sachs Group Inc. raised its stake in TD SYNNEX by 63.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock valued at $17,756,000 after acquiring an additional 64,024 shares during the period. Hancock Whitney Corp raised its stake in TD SYNNEX by 57.9% in the 2nd quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock valued at $1,954,000 after acquiring an additional 6,207 shares during the period. Lord Abbett & CO. LLC bought a new stake in TD SYNNEX in the 1st quarter valued at about $57,981,000. Finally, Wedge Capital Management L L P NC raised its stake in TD SYNNEX by 20.3% in the 2nd 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 acquiring an additional 5,252 shares during the period. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Stock Up 1.2 %

Shares of NYSE SNX opened at $118.71 on Friday. TD SYNNEX Co. has a 12 month low of $89.73 and a 12 month high of $133.85. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.18 and a beta of 1.49. The business has a 50-day moving average of $116.14 and a 200-day moving average of $117.76.

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

Insiders Place Their Bets

In other TD SYNNEX news, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the sale, the chief operating officer now owns 140,205 shares of the company’s stock, valued at $15,882,422.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 owns 45,115 shares of the company’s stock, valued at $4,968,966.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Zammit sold 3,513 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the sale, the chief operating officer now directly owns 140,205 shares of the company’s stock, valued at approximately $15,882,422.40. The disclosure for this sale can be found here. Insiders sold a total of 15,188 shares of company stock valued at $1,685,455 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SNX shares. Bank of America lowered their price objective on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. UBS Group lifted their target price on TD SYNNEX from $145.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Royal Bank of Canada raised TD SYNNEX from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $135.00 to $140.00 in a report on Monday, July 15th. JPMorgan Chase & Co. reduced their target price on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, TD SYNNEX presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.25.

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.