Balyasny Asset Management L.P. Reduces Position in TD SYNNEX Co. (NYSE:SNX)

Balyasny Asset Management L.P. lowered its stake in shares of TD SYNNEX Co. (NYSE:SNX - Free Report) by 32.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,220 shares of the business services provider's stock after selling 8,672 shares during the period. Balyasny Asset Management L.P.'s holdings in TD SYNNEX were worth $2,137,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bartlett & CO. Wealth Management LLC boosted its position in shares of TD SYNNEX by 345.1% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider's stock valued at $27,000 after acquiring an additional 176 shares during the last quarter. Bessemer Group Inc. boosted its holdings in TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after purchasing an additional 152 shares during the last quarter. UMB Bank n.a. grew its stake in shares of TD SYNNEX by 48.4% in the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider's stock valued at $50,000 after buying an additional 140 shares during the period. Blue Trust Inc. grew its stake in shares of TD SYNNEX by 37.7% in the 4th quarter. Blue Trust Inc. now owns 471 shares of the business services provider's stock valued at $55,000 after buying an additional 129 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in shares of TD SYNNEX by 31.9% during the 4th quarter. Global Retirement Partners LLC now owns 480 shares of the business services provider's stock worth $56,000 after buying an additional 116 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Cfra lowered their price objective on TD SYNNEX from $147.00 to $132.00 and set a "buy" rating for the company in a research report on Friday, March 28th. StockNews.com cut TD SYNNEX from a "buy" rating to a "hold" rating in a report on Wednesday, March 26th. The Goldman Sachs Group decreased their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a "buy" rating on the stock in a research report on Friday, March 28th. Barrington Research reiterated an "outperform" rating and set a $156.00 price target on shares of TD SYNNEX in a research report on Friday, April 11th. Finally, Royal Bank of Canada dropped their target price on shares of TD SYNNEX from $165.00 to $145.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $137.22.

Insiders Place Their Bets

In related news, insider Miriam Anne Murphy sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $110.00, for a total transaction of $330,000.00. Following the completion of the sale, the insider now owns 14,883 shares in the company, valued at $1,637,130. The trade was a 16.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marshall Witt sold 1,510 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,510 shares of company stock worth $3,241,001 in the last 90 days. Corporate insiders own 1.00% of the company's stock.

TD SYNNEX Stock Up 1.0%

SNX stock traded up $1.20 during midday trading on Friday, hitting $125.14. The company's stock had a trading volume of 441,789 shares, compared to its average volume of 743,992. TD SYNNEX Co. has a 52-week low of $92.23 and a 52-week high of $145.10. The firm has a 50-day simple moving average of $113.37 and a 200-day simple moving average of $123.18. 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 firm has a market capitalization of $10.50 billion, a P/E ratio of 15.72, a PEG ratio of 1.06 and a beta of 1.33.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to analysts' expectations of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $2.99 earnings per share. As a group, equities analysts forecast that TD SYNNEX Co. 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. Investors of record on Friday, April 11th were paid a $0.44 dividend. 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 1.41%. TD SYNNEX's dividend payout ratio is currently 21.97%.

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.