Artemis Investment Management LLP Invests $1.99 Million in TD SYNNEX Corporation $SNX

Key Points

• Artemis Investment Management bought a new stake of 13,212 shares in TD SYNNEX (NYSE:SNX) during Q4, valued at about $1.99 million.
• TD SYNNEX reported a strong quarter with EPS $4.73 vs. $3.24 expected and revenue of $17.16 billion (up 18.1% YoY) versus $15.59 billion consensus.
• Analysts are largely positive: MarketBeat shows a consensus rating of Moderate Buy with an average target of $190.50, and firms like Goldman Sachs and JPMorgan recently raised targets to $205 and $220.

Artemis Investment Management LLP purchased a new stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 13,212 shares of the business services provider's stock, valued at approximately $1,985,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp boosted its stake in TD SYNNEX by 0.4% in the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock worth $388,535,000 after purchasing an additional 9,024 shares during the period. Ninety One UK Ltd increased its position in shares of TD SYNNEX by 13.1% during the fourth quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock valued at $334,876,000 after buying an additional 258,630 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of TD SYNNEX by 7.7% in the third quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider's stock worth $162,568,000 after buying an additional 71,249 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of TD SYNNEX in the third quarter worth about $135,631,000. Finally, Victory Capital Management Inc. boosted its position in shares of TD SYNNEX by 123.6% in the third quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider's stock valued at $119,263,000 after acquiring an additional 402,573 shares during the period. Institutional investors own 84.00% of the company's stock.

TD SYNNEX Price Performance

SNX stock opened at $228.47 on Friday. The firm has a 50 day simple moving average of $180.17 and a two-hundred day simple moving average of $163.37. The stock has a market cap of $18.37 billion, a PE ratio of 18.99, a P/E/G ratio of 1.15 and a beta of 1.40. TD SYNNEX Corporation has a one year low of $112.27 and a one year high of $231.62. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $15.59 billion. During the same quarter last year, the company posted $2.80 EPS. The business's quarterly revenue was up 18.1% on a year-over-year basis. On average, analysts predict that TD SYNNEX Corporation will post 15.69 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. The ex-dividend date was Wednesday, April 15th. This represents a $1.92 annualized dividend and a dividend yield of 0.8%. TD SYNNEX's dividend payout ratio is 15.96%.

Insider Activity

In related news, CEO Patrick Zammit sold 13,900 shares of the firm's stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $171.57, for a total transaction of $2,384,823.00. Following the transaction, the chief executive officer directly owned 170,928 shares of the company's stock, valued at approximately $29,326,116.96. This trade represents a 7.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Merline Saintil sold 167 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the completion of the sale, the director owned 6,995 shares of the company's stock, valued at $1,103,461.25. The trade was a 2.33% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 43,682 shares of company stock worth $7,380,719. 0.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on SNX shares. Barrington Research reaffirmed an "outperform" rating and set a $182.00 target price on shares of TD SYNNEX in a report on Friday, March 27th. The Goldman Sachs Group raised their price target on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Morgan Stanley boosted their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. JPMorgan Chase & Co. upped their price target on shares of TD SYNNEX from $185.00 to $220.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, Zacks Research upgraded TD SYNNEX from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, TD SYNNEX has an average rating of "Moderate Buy" and a consensus target price of $190.50.

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.

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.