TD SYNNEX (NYSE:SNX) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of TD SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a report issued on Wednesday.

A number of other analysts have also issued reports on the company. Barrington Research raised their target price on TD SYNNEX from $138.00 to $156.00 and gave the company an “outperform” rating in a report on Thursday, March 20th. Cfra upgraded TD SYNNEX from a “hold” rating to a “buy” rating and increased their price objective for the stock from $122.00 to $147.00 in a research note on Friday, January 10th. JPMorgan Chase & Co. raised their price target on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Monday, January 13th. Barclays increased their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Finally, Royal Bank of Canada upped their target price on shares of TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus target price of $149.75.

TD SYNNEX Stock Performance

Shares of NYSE SNX opened at $125.43 on Wednesday. TD SYNNEX has a 52 week low of $107.84 and a 52 week high of $145.10. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 1.06 and a beta of 1.51. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24. The business’s 50-day simple moving average is $136.91 and its 200-day simple moving average is $125.70.

TD SYNNEX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were paid a $0.44 dividend. The ex-dividend date was Friday, January 24th. This represents a $1.76 dividend on an annualized basis and a yield of 1.40%. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s payout ratio is presently 22.11%.

Insiders Place Their Bets

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the completion of the sale, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. This trade represents a 2.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Patrick Zammit sold 6,823 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $143.00, for a total value of $975,689.00. Following the transaction, the chief executive officer now directly owns 165,604 shares in the company, valued at approximately $23,681,372. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,172 shares of company stock worth $6,353,261. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds have recently added to or reduced their stakes in SNX. Arizona State Retirement System lifted its holdings in shares of TD SYNNEX by 0.4% during the fourth quarter. Arizona State Retirement System now owns 22,225 shares of the business services provider’s stock worth $2,607,000 after buying an additional 78 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of TD SYNNEX by 9.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,068 shares of the business services provider’s stock valued at $125,000 after purchasing an additional 90 shares during the last quarter. Ellevest Inc. lifted its stake in shares of TD SYNNEX by 3.9% in the 4th quarter. Ellevest Inc. now owns 2,384 shares of the business services provider’s stock valued at $280,000 after acquiring an additional 90 shares during the last quarter. Utah Retirement Systems grew its holdings in shares of TD SYNNEX by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,100 shares of the business services provider’s stock worth $481,000 after purchasing an additional 100 shares during the last quarter. Finally, Amundi raised its stake in shares of TD SYNNEX by 22.3% during the fourth quarter. Amundi now owns 560 shares of the business services provider’s stock valued at $66,000 after acquiring an additional 102 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.