TD SYNNEX (NYSE:SNX) Earns Overweight Rating from Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of TD SYNNEX (NYSE:SNX) in a report issued on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $145.00 target price on the business services provider’s stock.

A number of other equities analysts have also commented on the company. Royal Bank of Canada cut their price target on TD SYNNEX from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, April 11th. Cfra lowered their price objective 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. Wall Street Zen downgraded TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. UBS Group lowered their price objective on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Finally, The Goldman Sachs Group lowered their price objective on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $138.00.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $123.20 on Wednesday. TD SYNNEX has a one year low of $92.23 and a one year high of $145.10. The business has a fifty day moving average price of $116.05 and a 200-day moving average price of $123.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a market capitalization of $10.34 billion, a P/E ratio of 15.48, a PEG ratio of 1.06 and a beta of 1.29.

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

TD SYNNEX Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.43%. TD SYNNEX’s payout ratio is 21.97%.

Insider Buying and Selling at TD SYNNEX

In other news, CFO Marshall Witt sold 1,510 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total transaction of $193,400.80. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Miriam Anne Murphy sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total value of $330,000.00. Following the transaction, the insider now directly owns 14,883 shares in the company, valued at $1,637,130. This trade represents a 16.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SNX. Nuveen LLC bought a new position in shares of TD SYNNEX during the first quarter valued at about $121,259,000. Norges Bank bought a new position in shares of TD SYNNEX during the fourth quarter valued at about $121,199,000. Nuveen Asset Management LLC grew its stake in shares of TD SYNNEX by 343.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after buying an additional 937,040 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of TD SYNNEX by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider’s stock valued at $405,441,000 after buying an additional 564,473 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of TD SYNNEX by 46.9% during the fourth quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock valued at $201,235,000 after buying an additional 547,692 shares during the last quarter. 84.00% of the stock is 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.