Empowered Funds LLC Acquires New Shares in TD SYNNEX Co. (NYSE:SNX)

Empowered Funds LLC bought a new position in TD SYNNEX Co. (NYSE:SNX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 66,341 shares of the business services provider’s stock, valued at approximately $7,780,000.

Other hedge funds also recently added to or reduced their stakes in the company. Pathstone Holdings LLC increased its holdings in shares of TD SYNNEX by 45.2% in the 3rd quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock worth $2,197,000 after acquiring an additional 5,698 shares during the period. JPMorgan Chase & Co. increased its stake in shares of TD SYNNEX by 37.0% in the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after purchasing an additional 813,634 shares during the period. Stratos Investment Management LLC boosted its position in shares of TD SYNNEX by 5.6% during the third quarter. Stratos Investment Management LLC now owns 28,115 shares of the business services provider’s stock worth $3,376,000 after buying an additional 1,486 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of TD SYNNEX by 170.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,714 shares of the business services provider’s stock worth $9,812,000 after buying an additional 51,465 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in TD SYNNEX in the 4th quarter worth approximately $2,260,000. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Stock Up 0.4 %

SNX stock opened at $143.32 on Tuesday. The firm has a market cap of $12.13 billion, a PE ratio of 18.00, a P/E/G ratio of 1.06 and a beta of 1.49. TD SYNNEX Co. has a 12 month low of $98.70 and a 12 month high of $144.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a 50 day simple moving average of $128.94 and a 200 day simple moving average of $121.70.

TD SYNNEX Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 24th were given a dividend of $0.44 per share. The ex-dividend date was Friday, January 24th. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.23%. TD SYNNEX’s payout ratio is 22.11%.

Insider Buying and Selling

In other news, CFO Marshall Witt sold 1,510 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total transaction of $182,906.30. Following the sale, the chief financial officer now owns 48,362 shares in the company, valued at $5,858,089.06. The trade was a 3.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann F. Vezina sold 839 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $136.08, for a total value of $114,171.12. Following the sale, the director now owns 4,856 shares of the company’s stock, valued at $660,804.48. The trade was a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,289 shares of company stock valued at $3,639,500. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and increased their price target for the stock from $122.00 to $147.00 in a research note on Friday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 target price on shares of TD SYNNEX in a research report on Wednesday, January 15th. StockNews.com downgraded shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, January 13th. Finally, Barclays boosted their target price on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.38.

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.