Allianz Asset Management GmbH Has $717,000 Stake in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in TD SYNNEX Corporation by selling 46,555 shares, resulting in an 87.1% decrease in holdings during the first quarter.
• Despite Allianz's reduction, Barclays PLC and other firms increased their positions in TD SYNNEX, indicating ongoing interest from institutional investors who control 84.00% of the stock.
• TD SYNNEX recently reported $2.99 earnings per share for the last quarter, exceeding expectations and demonstrating a year-over-year revenue growth of 7.2%.

Allianz Asset Management GmbH decreased its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 87.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,900 shares of the business services provider's stock after selling 46,555 shares during the period. Allianz Asset Management GmbH's holdings in TD SYNNEX were worth $717,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SNX. Nuveen Asset Management LLC raised its holdings in TD SYNNEX by 343.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider's stock valued at $141,913,000 after acquiring an additional 937,040 shares in the last quarter. LSV Asset Management raised its holdings in TD SYNNEX by 46.9% in the 4th quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider's stock valued at $201,235,000 after acquiring an additional 547,692 shares in the last quarter. Brave Warrior Advisors LLC raised its holdings in TD SYNNEX by 12.2% in the 4th quarter. Brave Warrior Advisors LLC now owns 4,147,172 shares of the business services provider's stock valued at $486,380,000 after acquiring an additional 451,557 shares in the last quarter. Raymond James Financial Inc. acquired a new position in TD SYNNEX in the 4th quarter valued at approximately $47,094,000. Finally, FMR LLC raised its holdings in TD SYNNEX by 3.2% in the 4th quarter. FMR LLC now owns 7,663,179 shares of the business services provider's stock valued at $898,738,000 after acquiring an additional 237,587 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. JPMorgan Chase & Co. upped their price target on TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Bank of America increased their target price on TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Loop Capital increased their target price on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Morgan Stanley set a $155.00 target price on TD SYNNEX and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Finally, Barrington Research reissued an "outperform" rating and issued a $156.00 target price on shares of TD SYNNEX in a report on Friday, July 11th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $149.30.

Insider Transactions at TD SYNNEX

In related news, Director Richard T. Hume sold 63,310 shares of the firm's stock in a transaction 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 sale, the director owned 67,515 shares of the company's stock, valued at approximately $9,197,568.45. This trade represents a 48.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Marshall Witt sold 1,509 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total value of $189,153.15. Following the sale, the chief financial officer directly owned 49,563 shares in the company, valued at $6,212,722.05. The trade was a 2.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,076 shares of company stock worth $8,992,884 in the last three months. Insiders own 1.00% of the company's stock.

TD SYNNEX Price Performance

NYSE SNX traded up $1.28 during trading hours on Monday, reaching $142.13. 406,170 shares of the company's stock were exchanged, compared to its average volume of 568,655. The stock has a market cap of $11.72 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.15 and a beta of 1.32. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average of $134.20 and a 200-day moving average of $127.89. TD SYNNEX Corporation has a one year low of $92.23 and a one year high of $149.76.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same period last year, the company earned $2.73 EPS. The business's quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts predict that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal 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 1.2%. The ex-dividend date was Friday, July 11th. TD SYNNEX's dividend payout ratio (DPR) is currently 20.56%.

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.