TD SYNNEX Co. (NYSE:SNX) Sees Significant Increase in Short Interest

TD SYNNEX Co. (NYSE:SNX) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 1,750,000 shares, an increase of 34.6% from the February 28th total of 1,300,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily volume of 672,000 shares, the days-to-cover ratio is presently 2.6 days.

TD SYNNEX Stock Down 0.2 %

Shares of NYSE:SNX traded down $0.19 during midday trading on Tuesday, hitting $103.77. 1,423,131 shares of the company’s stock traded hands, compared to its average volume of 760,643. TD SYNNEX has a twelve month low of $98.00 and a twelve month high of $145.10. The company has a market cap of $8.76 billion, a PE ratio of 13.04, 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 firm’s fifty day moving average price is $134.27 and its two-hundred day moving average price is $125.64.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to analysts’ expectations of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. TD SYNNEX’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.99 EPS. On average, equities research analysts anticipate that TD SYNNEX will post 11.88 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 25th. Stockholders of record on Friday, April 11th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.70%. TD SYNNEX’s payout ratio is currently 22.11%.

Wall Street Analyst Weigh In

SNX has been the topic of several recent analyst reports. StockNews.com downgraded TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Royal Bank of Canada raised their target price on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. cut their price target on shares of TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday. Barrington Research reiterated an “outperform” rating and issued a $156.00 price target on shares of TD SYNNEX in a report on Friday. Finally, UBS Group lowered their price objective on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Friday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus target price of $140.00.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CEO Patrick Zammit sold 6,823 shares of TD SYNNEX stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total value of $975,689.00. Following the completion of the sale, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at approximately $23,681,372. The trade was a 3.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the transaction, the director now owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,172 shares of company stock valued at $6,353,261. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bartlett & CO. Wealth Management LLC lifted its holdings in TD SYNNEX by 345.1% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock worth $27,000 after buying an additional 176 shares in the last quarter. Bessemer Group Inc. increased its position in shares of TD SYNNEX by 174.7% during the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock worth $28,000 after acquiring an additional 152 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of TD SYNNEX by 48.4% in the fourth quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock worth $50,000 after acquiring an additional 140 shares in the last quarter. Point72 DIFC Ltd purchased a new position in TD SYNNEX in the third quarter valued at about $55,000. Finally, Blue Trust Inc. boosted its holdings in TD SYNNEX by 37.7% in the fourth quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 129 shares during the last quarter. 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.