TD SYNNEX (NYSE:SNX) Shares Gap Down to $116.00

Shares of TD SYNNEX Co. (NYSE:SNX) gapped down before the market opened on Thursday . The stock had previously closed at $116.00, but opened at $110.25. TD SYNNEX shares last traded at $112.08, with a volume of 1,329,702 shares.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SNX shares. Barclays lifted their target price on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Wednesday. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Cfra boosted their price target on TD SYNNEX from $110.00 to $113.00 and gave the company a “hold” rating in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $118.00 target price (up previously from $110.00) on shares of TD SYNNEX in a report on Wednesday. Finally, JPMorgan Chase & Co. downgraded TD SYNNEX from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $112.00 to $113.00 in a research report on Monday, January 8th. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $116.00.

TD SYNNEX Stock Down 2.6 %

The stock has a 50-day moving average of $103.43 and a 200-day moving average of $100.94. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.77. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.57. The company had revenue of $14.41 billion during the quarter, compared to analysts’ expectations of $14.54 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. TD SYNNEX’s revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $3.30 EPS. Sell-side analysts predict that TD SYNNEX Co. will post 11.17 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a $0.40 dividend. The ex-dividend date is Thursday, April 11th. This represents a $1.60 annualized dividend and a dividend yield of 1.42%. TD SYNNEX’s dividend payout ratio is presently 23.22%.

Insider Activity

In other news, insider Michael Urban sold 5,000 shares of the firm’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $103.67, for a total value of $518,350.00. Following the completion of the sale, the insider now directly owns 36,131 shares in the company, valued at approximately $3,745,700.77. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other TD SYNNEX news, insider Dennis Polk sold 6,701 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $103.84, for a total transaction of $695,831.84. Following the transaction, the insider now owns 135,092 shares of the company’s stock, valued at approximately $14,027,953.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Urban sold 5,000 shares of TD SYNNEX stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $103.67, for a total value of $518,350.00. Following the sale, the insider now owns 36,131 shares in the company, valued at $3,745,700.77. The disclosure for this sale can be found here. Insiders sold a total of 2,289,905 shares of company stock worth $232,556,362 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its stake in shares of TD SYNNEX by 31.5% during the 1st quarter. American Century Companies Inc. now owns 20,197 shares of the business services provider’s stock worth $2,085,000 after acquiring an additional 4,841 shares during the period. US Bancorp DE raised its position in shares of TD SYNNEX by 11.6% in the first quarter. US Bancorp DE now owns 7,213 shares of the business services provider’s stock valued at $745,000 after purchasing an additional 747 shares during the period. PNC Financial Services Group Inc. boosted its holdings in TD SYNNEX by 7.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,614 shares of the business services provider’s stock worth $992,000 after buying an additional 677 shares during the period. Bank of Montreal Can boosted its holdings in TD SYNNEX by 202.3% in the 1st quarter. Bank of Montreal Can now owns 53,183 shares of the business services provider’s stock worth $5,569,000 after buying an additional 35,593 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in TD SYNNEX in the 1st quarter worth approximately $1,065,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.