988,876 Shares in TD SYNNEX Corporation $SNX Acquired by Norges Bank

Key Points

• Norges Bank disclosed a new stake in TD SYNNEX, buying 988,876 shares worth about $148.6 million and ending with 1.23% ownership of the company.
• Institutional interest in SNX remains strong, with hedge funds and asset managers holding 84% of the stock and several firms recently increasing their positions.
• TD SYNNEX has reported solid fundamentals and earnings momentum, including Q1 EPS of $4.73 versus $3.24 expected and revenue growth of 18.1% year over year, while analysts currently rate the stock a Moderate Buy.

Norges Bank bought a new position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 988,876 shares of the business services provider's stock, valued at approximately $148,559,000. Norges Bank owned 1.23% of TD SYNNEX at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SNX. Alyeska Investment Group L.P. acquired a new position in TD SYNNEX during the 3rd quarter worth approximately $135,631,000. Victory Capital Management Inc. raised its stake in TD SYNNEX by 123.6% during the 3rd quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider's stock worth $119,263,000 after buying an additional 402,573 shares during the period. Wedge Capital Management L L P NC acquired a new position in TD SYNNEX during the 4th quarter worth approximately $60,104,000. Marshall Wace LLP raised its stake in TD SYNNEX by 6,626.0% during the 3rd quarter. Marshall Wace LLP now owns 402,754 shares of the business services provider's stock worth $65,951,000 after buying an additional 396,766 shares during the period. Finally, Wellington Management Group LLP raised its stake in TD SYNNEX by 365.9% during the 3rd quarter. Wellington Management Group LLP now owns 373,101 shares of the business services provider's stock worth $61,095,000 after buying an additional 293,027 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SNX shares. Wall Street Zen raised TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Barrington Research reaffirmed an "outperform" rating and set a $182.00 price target on shares of TD SYNNEX in a research note on Friday, March 27th. JPMorgan Chase & Co. raised TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target on the stock in a research note on Wednesday, May 27th. Zacks Research downgraded TD SYNNEX from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, Royal Bank Of Canada upped their price target on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, TD SYNNEX currently has an average rating of "Moderate Buy" and an average price target of $212.60.

TD SYNNEX Stock Performance

Shares of TD SYNNEX stock opened at $278.72 on Thursday. The company has a market cap of $22.41 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.43. TD SYNNEX Corporation has a 52 week low of $120.19 and a 52 week high of $286.25. The business has a 50 day moving average price of $217.79 and a 200-day moving average price of $177.11. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The company's quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.80 earnings per share. Equities analysts anticipate that TD SYNNEX Corporation will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were paid a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 annualized dividend and a dividend yield of 0.7%. TD SYNNEX's dividend payout ratio is 15.96%.

Insider Transactions at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of the company's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the transaction, the chief financial officer directly owned 14,035 shares of the company's stock, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard T. Hume sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the transaction, the director directly owned 23,537 shares of the company's stock, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,250 shares of company stock valued at $4,935,282 over the last ninety days. 0.70% of the stock is currently owned by insiders.

About TD SYNNEX

TD SYNNEX NYSE: SNX is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company's core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.

Want to see what other hedge funds are holding SNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TD SYNNEX Corporation (NYSE:SNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.