JPMorgan Chase & Co. Forecasts Strong Price Appreciation for TD SYNNEX (NYSE:SNX) Stock

TD SYNNEX (NYSE:SNX) had its target price raised by JPMorgan Chase & Co. from $135.00 to $150.00 in a research report report published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

Several other analysts also recently issued reports on SNX. StockNews.com downgraded TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Cfra upgraded TD SYNNEX from a “hold” rating to a “buy” rating and boosted their target price for the company from $122.00 to $147.00 in a research note on Friday, January 10th. Barclays raised their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of TD SYNNEX in a research report on Tuesday, January 7th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a research report on Monday, September 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.38.

TD SYNNEX Stock Up 0.2 %

Shares of SNX stock opened at $136.25 on Monday. TD SYNNEX has a 12-month low of $98.70 and a 12-month high of $138.04. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $120.83 and a 200-day moving average of $118.16. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 1.24 and a beta of 1.46.

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 $0.44 dividend. The ex-dividend date is Friday, January 24th. This represents a $1.76 dividend on an annualized basis and a yield of 1.29%. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s dividend payout ratio (DPR) is currently 22.11%.

Insider Activity

In other news, Director Richard T. Hume sold 20,000 shares of the firm’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 value of $2,352,400.00. Following the completion of the sale, the director now directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $121.13, for a total value of $182,906.30. Following the transaction, the chief financial officer now owns 48,362 shares of the company’s stock, valued at $5,858,089.06. This represents a 3.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,876 shares of company stock valued at $5,782,129 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC bought a new position in shares of TD SYNNEX in the second quarter valued at about $351,000. Ashton Thomas Private Wealth LLC acquired a new stake in TD SYNNEX during the second quarter worth approximately $52,000. Choreo LLC bought a new stake in shares of TD SYNNEX during the second quarter worth approximately $376,000. Daiwa Securities Group Inc. grew its position in shares of TD SYNNEX by 50.0% in the second quarter. Daiwa Securities Group Inc. now owns 900 shares of the business services provider’s stock valued at $104,000 after purchasing an additional 300 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of TD SYNNEX by 4.9% during the second quarter. State of New Jersey Common Pension Fund D now owns 28,577 shares of the business services provider’s stock worth $3,298,000 after purchasing an additional 1,328 shares during the period. 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.