Allspring Global Investments Holdings LLC Decreases Stock Position in TD SYNNEX Corporation $SNX

Key Points

• Allspring Global Investments cut its TD SYNNEX stake by 8.3% in the first quarter, selling 27,729 shares and leaving it with 307,775 shares worth about $57.3 million.
• TD SYNNEX reported a strong quarter, with EPS of $4.85 beating estimates by $0.71 and revenue of $19.57 billion topping expectations, while sales rose 31% year over year.
• The company also announced a quarterly dividend of $0.48 per share, and analysts remain mostly positive with an average rating of Buy and an average price target of $294.67.

Allspring Global Investments Holdings LLC reduced its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 8.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 307,775 shares of the business services provider's stock after selling 27,729 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.38% of TD SYNNEX worth $57,335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNX. Harmony Asset Management LLC purchased a new stake in TD SYNNEX in the 1st quarter valued at approximately $1,302,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of TD SYNNEX in the first quarter valued at $253,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of TD SYNNEX in the first quarter valued at $6,883,000. Advisors Preferred LLC acquired a new stake in shares of TD SYNNEX during the first quarter valued at $3,467,000. Finally, Sanctuary Advisors LLC increased its position in TD SYNNEX by 9.6% during the 1st quarter. Sanctuary Advisors LLC now owns 5,977 shares of the business services provider's stock worth $1,008,000 after purchasing an additional 523 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $242.77 on Friday. The firm has a market capitalization of $19.41 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 0.68 and a beta of 1.43. The stock's 50 day moving average price is $257.36 and its 200 day moving average price is $202.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.64 and a current ratio of 1.20. TD SYNNEX Corporation has a one year low of $139.23 and a one year high of $296.47.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings results on Thursday, June 25th. The business services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates of $4.14 by $0.71. The business had revenue of $19.57 billion during the quarter, compared to analyst estimates of $16.80 billion. TD SYNNEX had a net margin of 1.63% and a return on equity of 15.37%. The business's revenue was up 31.0% on a year-over-year basis. During the same period last year, the business earned $2.99 EPS. TD SYNNEX has set its Q3 2026 guidance at 4.250-4.750 EPS. As a group, sell-side analysts expect that TD SYNNEX Corporation will post 18.02 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, July 17th. TD SYNNEX's dividend payout ratio is 13.74%.

Insider Activity at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $242.97, for a total transaction of $1,214,850.00. Following the transaction, the director owned 18,537 shares of the company's stock, valued at approximately $4,503,934.89. This trade represents a 21.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 20,000 shares of company stock worth $4,933,700 over the last quarter. Company insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

SNX has been the topic of a number of recent research reports. Barrington Research upped their target price on shares of TD SYNNEX from $202.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 26th. The Goldman Sachs Group set a $330.00 price target on shares of TD SYNNEX in a report on Friday, June 26th. Weiss Ratings downgraded shares of TD SYNNEX from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 17th. Royal Bank Of Canada set a $340.00 target price on shares of TD SYNNEX in a research report on Friday, June 26th. Finally, Zacks Research raised shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $294.67.

TD SYNNEX Profile

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.