Assenagon Asset Management S.A. Reduces Holdings in TD SYNNEX Corporation $SNX

Key Points

• Assenagon Asset Management cut its TD SYNNEX stake by 48.5% in the second quarter, selling 11,273 shares and retaining 11,951 shares valued at approximately $3.2 million. Institutional investors collectively own 84% of the company.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating and a consensus price target of $294.67. Morgan Stanley and Barclays recently raised their price targets, while JPMorgan upgraded the shares to “overweight.”
• TD SYNNEX reported stronger-than-expected quarterly results, including $4.85 in EPS and $19.57 billion in revenue, up 31% year over year. The company also declared a quarterly dividend of $0.48 per share, representing a 0.8% annualized yield.

Assenagon Asset Management S.A. reduced its stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 48.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,951 shares of the business services provider's stock after selling 11,273 shares during the period. Assenagon Asset Management S.A.'s holdings in TD SYNNEX were worth $3,195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SNX. Ossiam boosted its stake in shares of TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in TD SYNNEX in the 3rd quarter valued at about $30,000. Aster Capital Management DIFC Ltd purchased a new position in TD SYNNEX in the 4th quarter valued at about $28,000. SJS Investment Consulting Inc. lifted its holdings in TD SYNNEX by 44.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock valued at $34,000 after purchasing an additional 62 shares in the last quarter. Finally, Essential Partners LLC boosted its stake in shares of TD SYNNEX by 644.4% during the 1st quarter. Essential Partners LLC now owns 201 shares of the business services provider's stock worth $34,000 after purchasing an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company's stock.

Wall Street Analyst Weigh In

SNX has been the subject of several recent analyst reports. Morgan Stanley lifted their target price on shares of TD SYNNEX from $341.00 to $374.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Weiss Ratings cut TD SYNNEX from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 17th. Barclays lifted their price objective on TD SYNNEX from $237.00 to $278.00 and gave the company an "equal weight" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. upgraded TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 target price for the company in a research note on Wednesday, May 27th. Finally, Zacks Research upgraded TD SYNNEX from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $294.67.

Insider Activity

In related news, Director Ann F. Vezina sold 1,273 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $256.05, for a total value of $325,951.65. Following the completion of the transaction, the director owned 5,828 shares of the company's stock, valued at approximately $1,492,259.40. This represents a 17.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard T. Hume sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $262.21, for a total transaction of $1,311,050.00. Following the sale, the director directly owned 13,537 shares of the company's stock, valued at $3,549,536.77. The trade was a 26.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 21,273 shares of company stock valued at $5,401,452 over the last 90 days. Insiders own 0.70% of the company's stock.

TD SYNNEX Stock Performance

NYSE SNX opened at $254.81 on Friday. The firm has a market capitalization of $20.37 billion, a P/E ratio of 18.24, a P/E/G ratio of 0.72 and a beta of 1.44. TD SYNNEX Corporation has a 1-year low of $142.22 and a 1-year high of $296.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 0.64. The business's 50-day simple moving average is $260.01 and its 200-day simple moving average is $216.19.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Thursday, June 25th. The business services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.14 by $0.71. TD SYNNEX had a net margin of 1.63% and a return on equity of 15.37%. The firm had revenue of $19.57 billion during the quarter, compared to the consensus estimate of $16.80 billion. During the same quarter in the prior year, the company earned $2.99 EPS. The company's revenue was up 31.0% on a year-over-year basis. TD SYNNEX has set its Q3 2026 guidance at 4.250-4.750 EPS. Equities analysts predict that TD SYNNEX Corporation will post 18.01 EPS for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued 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 of this dividend was Friday, July 17th. TD SYNNEX's dividend payout ratio (DPR) is presently 13.74%.

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.

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