Wedge Capital Management L L P NC Sells 1,889 Shares of TD SYNNEX Co. (NYSE:SNX)

Wedge Capital Management L L P NC lessened its position in shares of TD SYNNEX Co. (NYSE:SNX) by 6.4% during the first quarter, Holdings Channel reports. The institutional investor owned 27,832 shares of the business services provider’s stock after selling 1,889 shares during the quarter. Wedge Capital Management L L P NC’s holdings in TD SYNNEX were worth $2,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of SNX. Barclays PLC raised its position in shares of TD SYNNEX by 20.1% in the fourth quarter. Barclays PLC now owns 97,617 shares of the business services provider’s stock worth $11,448,000 after buying an additional 16,310 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in TD SYNNEX in the fourth quarter valued at approximately $5,158,000. JPMorgan Chase & Co. boosted its position in TD SYNNEX by 37.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after buying an additional 813,634 shares during the period. Sei Investments Co. increased its holdings in TD SYNNEX by 25.5% during the 4th quarter. Sei Investments Co. now owns 70,745 shares of the business services provider’s stock valued at $8,297,000 after purchasing an additional 14,379 shares during the period. Finally, IFP Advisors Inc lifted its stake in TD SYNNEX by 976.6% in the fourth quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock worth $119,000 after acquiring an additional 918 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $125.89 on Tuesday. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.06 and a beta of 1.29. TD SYNNEX Co. has a fifty-two week low of $92.23 and a fifty-two week high of $145.10. 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 has a fifty day moving average price of $113.84 and a 200 day moving average price of $123.73.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The business had revenue of $14.53 billion during the quarter, compared to analysts’ expectations of $14.79 billion. During the same period last year, the business posted $2.99 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts expect that TD SYNNEX Co. will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Friday, April 11th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date was Friday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is 21.97%.

Wall Street Analysts Forecast Growth

SNX has been the topic of several research reports. Royal Bank of Canada cut their price objective on TD SYNNEX from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. The Goldman Sachs Group decreased their price objective on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a report on Friday, March 28th. Barclays lowered their price objective on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Friday, March 28th. UBS Group cut their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Friday, March 28th. Finally, Cfra lowered their target price on TD SYNNEX from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus price target of $137.22.

Insider Activity at TD SYNNEX

In related news, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the completion of the sale, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. This trade represents a 2.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Miriam Anne Murphy sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $110.00, for a total value of $330,000.00. Following the completion of the transaction, the insider now directly owns 14,883 shares in the company, valued at approximately $1,637,130. This trade represents a 16.78% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

TD SYNNEX 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.