TD SYNNEX (NYSE:SNX) Reaches New 1-Year High – Still a Buy?

TD SYNNEX Co. (NYSE:SNX)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $138.31 and last traded at $137.83, with a volume of 641478 shares changing hands. The stock had previously closed at $137.17.

Analysts Set New Price Targets

Several equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, January 13th. StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Wednesday, January 15th. Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and raised their price objective for the company from $122.00 to $147.00 in a research report on Friday, January 10th. Finally, Barclays raised their price objective on TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, TD SYNNEX has an average rating of “Moderate Buy” and a consensus price target of $144.38.

TD SYNNEX Price Performance

The firm has a fifty day moving average of $122.74 and a 200 day moving average of $119.20. The company has a market capitalization of $12.04 billion, a P/E ratio of 17.77, a P/E/G ratio of 1.04 and a beta of 1.46. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46.

TD SYNNEX Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 24th will be paid a dividend of $0.44 per share. This is an increase 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 1.24%. The ex-dividend date of this dividend is Friday, January 24th. TD SYNNEX’s payout ratio is currently 20.10%.

Insider Buying and Selling at TD SYNNEX

In related news, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the transaction, the director now directly owns 111,080 shares in the company, valued at approximately $13,065,229.60. The trade was a 15.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Simon Leung sold 6,249 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total value of $769,689.33. Following the transaction, the insider now owns 23,339 shares of the company’s stock, valued at approximately $2,874,664.63. This trade represents a 21.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,715 shares of company stock worth $3,433,500 in the last three months. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc grew its stake in shares of TD SYNNEX by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 2,609 shares of the business services provider’s stock valued at $313,000 after acquiring an additional 86 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in TD SYNNEX by 3.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,727 shares of the business services provider’s stock worth $315,000 after purchasing an additional 90 shares in the last quarter. AlphaMark Advisors LLC lifted its holdings in TD SYNNEX by 1.3% in the 3rd quarter. AlphaMark Advisors LLC now owns 7,734 shares of the business services provider’s stock worth $929,000 after purchasing an additional 100 shares in the last quarter. Atria Investments Inc lifted its holdings in TD SYNNEX by 4.1% in the 3rd quarter. Atria Investments Inc now owns 2,862 shares of the business services provider’s stock worth $344,000 after purchasing an additional 112 shares in the last quarter. Finally, Meixler Investment Management Ltd. lifted its holdings in TD SYNNEX by 2.1% in the 3rd quarter. Meixler Investment Management Ltd. now owns 5,814 shares of the business services provider’s stock worth $698,000 after purchasing an additional 120 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Company Profile

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.