TD SYNNEX (NYSE:SNX) Given New $170.00 Price Target at Bank of America

TD SYNNEX (NYSE:SNX - Free Report) had its price target increased by Bank of America from $156.00 to $170.00 in a research report sent to investors on Thursday,Benzinga reports. Bank of America currently has a buy rating on the business services provider's stock.

A number of other equities analysts have also recently commented on the company. UBS Group dropped their target price on TD SYNNEX from $150.00 to $138.00 and set a "buy" rating for the company in a report on Friday, March 28th. Barclays set a $140.00 price objective on TD SYNNEX in a report on Tuesday, June 24th. Cfra dropped their price objective on TD SYNNEX from $147.00 to $132.00 and set a "buy" rating for the company in a report on Friday, March 28th. Royal Bank Of Canada restated an "outperform" rating and set a $145.00 price objective on shares of TD SYNNEX in a report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. boosted their price objective on TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, TD SYNNEX has a consensus rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Price Performance

NYSE SNX traded up $0.82 during trading on Thursday, hitting $146.71. 676,696 shares of the stock traded hands, compared to its average volume of 695,784. The company has a market capitalization of $12.10 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The firm has a 50-day simple moving average of $131.88 and a 200-day simple moving average of $127.44. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45. TD SYNNEX has a 12-month low of $92.23 and a 12-month high of $147.18.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its earnings results on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.28. The firm had revenue of $14.95 billion during the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The company's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.73 EPS. As a group, analysts predict that TD SYNNEX will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, July 11th. TD SYNNEX's payout ratio is 20.56%.

Insider Buying and Selling

In related news, insider Miriam Anne Murphy sold 3,000 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total value of $330,000.00. Following the completion of the sale, the insider directly owned 14,883 shares in the company, valued at $1,637,130. This trade represents a 16.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard T. Hume sold 63,310 shares of TD SYNNEX stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $136.23, for a total transaction of $8,624,721.30. Following the completion of the sale, the director owned 67,515 shares of the company's stock, valued at $9,197,568.45. This trade represents a 48.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,076 shares of company stock valued at $9,322,884. 1.00% of the stock is currently owned by insiders.

Institutional Trading of TD SYNNEX

Several large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of TD SYNNEX by 329.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider's stock worth $25,000 after buying an additional 188 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock worth $28,000 after buying an additional 152 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of TD SYNNEX by 115.1% in the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock worth $36,000 after buying an additional 183 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of TD SYNNEX in the first quarter worth about $44,000. Finally, Quarry LP purchased a new stake in shares of TD SYNNEX in the first quarter worth about $51,000. Hedge funds and other institutional investors own 84.00% of the company's stock.

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.