Teachers Retirement System of The State of Kentucky cut its holdings in shares of Tech Data Corp (NASDAQ:TECD) by 12.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,501 shares of the company’s stock after selling 900 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Tech Data were worth $465,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. River Road Asset Management LLC purchased a new position in Tech Data in the 3rd quarter valued at $32,431,000. Assenagon Asset Management S.A. grew its position in Tech Data by 11,850.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 375,250 shares of the company’s stock valued at $26,857,000 after buying an additional 372,110 shares during the last quarter. BlackRock Inc. grew its position in Tech Data by 8.1% in the 2nd quarter. BlackRock Inc. now owns 4,219,435 shares of the company’s stock valued at $346,500,000 after buying an additional 317,967 shares during the last quarter. Prudential Financial Inc. grew its position in Tech Data by 89.4% in the 3rd quarter. Prudential Financial Inc. now owns 655,099 shares of the company’s stock valued at $46,885,000 after buying an additional 309,142 shares during the last quarter. Finally, LSV Asset Management grew its position in Tech Data by 11.2% in the 2nd quarter. LSV Asset Management now owns 1,677,717 shares of the company’s stock valued at $137,774,000 after buying an additional 169,337 shares during the last quarter. Institutional investors and hedge funds own 97.12% of the company’s stock.
A number of equities analysts recently weighed in on TECD shares. Needham & Company LLC lifted their price objective on shares of Tech Data to $110.00 and gave the company a “buy” rating in a research report on Friday, November 30th. BidaskClub upgraded shares of Tech Data from a “hold” rating to a “buy” rating in a research report on Tuesday, November 20th. TheStreet lowered shares of Tech Data from a “b-” rating to a “c+” rating in a research report on Monday, October 1st. Zacks Investment Research reiterated a “hold” rating and issued a $82.00 price objective on shares of Tech Data in a research report on Friday, November 16th. Finally, ValuEngine upgraded shares of Tech Data from a “sell” rating to a “hold” rating in a research report on Friday, November 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Tech Data currently has an average rating of “Hold” and an average price target of $99.86.
In other Tech Data news, Director Charles E. Adair sold 2,715 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $90.72, for a total transaction of $246,304.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by insiders.
Shares of NASDAQ TECD opened at $83.91 on Friday. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 8.28, a P/E/G ratio of 0.92 and a beta of 0.74. Tech Data Corp has a one year low of $66.93 and a one year high of $108.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.85 and a current ratio of 1.24.
Tech Data (NASDAQ:TECD) last issued its earnings results on Thursday, November 29th. The company reported $3.02 EPS for the quarter, topping the consensus estimate of $2.17 by $0.85. The company had revenue of $9.34 billion for the quarter, compared to analyst estimates of $8.92 billion. Tech Data had a net margin of 0.59% and a return on equity of 13.92%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.00 EPS. Analysts forecast that Tech Data Corp will post 10.7 EPS for the current year.
Tech Data announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Tech Data Company Profile
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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