TD SYNNEX (NYSE:SNX) Raised to Buy at StockNews.com

StockNews.com upgraded shares of TD SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their target price on TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, January 13th. Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and increased their target price for the stock from $122.00 to $147.00 in a research note on Friday, January 10th. Royal Bank of Canada increased their price target on TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, Barclays increased their price target 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 analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus target price of $149.75.

TD SYNNEX Price Performance

NYSE:SNX opened at $129.51 on Tuesday. TD SYNNEX has a 52 week low of $104.40 and a 52 week high of $145.10. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $10.93 billion, a P/E ratio of 16.27, a P/E/G ratio of 1.06 and a beta of 1.51. The stock’s fifty day moving average is $137.49 and its two-hundred day moving average is $125.29.

TD SYNNEX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 24th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.36%. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, January 24th. TD SYNNEX’s payout ratio is 22.11%.

Insider Activity

In other TD SYNNEX news, Director Ann F. Vezina sold 839 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $136.08, for a total transaction of $114,171.12. Following the completion of the sale, the director now owns 4,856 shares of the company’s stock, valued at approximately $660,804.48. The trade was a 14.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 1,510 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares of the company’s stock, valued at approximately $6,383,891.44. This trade represents a 2.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,172 shares of company stock valued at $6,353,261 over the last quarter. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNX. Bartlett & CO. Wealth Management LLC lifted its stake in shares of TD SYNNEX by 345.1% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock worth $27,000 after purchasing an additional 176 shares in the last quarter. Bessemer Group Inc. lifted its stake 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 purchasing an additional 152 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of TD SYNNEX by 48.4% during the fourth quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock worth $50,000 after purchasing an additional 140 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of TD SYNNEX during the third quarter worth about $55,000. Finally, Blue Trust Inc. lifted its stake in shares of TD SYNNEX by 37.7% in the fourth quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock worth $55,000 after acquiring an additional 129 shares in the last quarter. 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.