AXQ Capital LP Makes New Investment in TD SYNNEX Corporation $SNX

Key Points

• AXQ Capital LP opened a new position in TD SYNNEX during the fourth quarter, buying 6,395 shares worth about $961,000.
• TD SYNNEX reported better-than-expected quarterly results, with EPS of $4.73 versus estimates of $3.24 and revenue of $17.16 billion versus $15.59 billion expected. Revenue also rose 18.1% from a year earlier.
• Analysts remain largely positive on the stock, with several raising price targets; the consensus rating is Buy with an average target of $212.60. The shares recently traded at $279.67, near their 12-month high of $286.25.

AXQ Capital LP bought a new position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 6,395 shares of the business services provider's stock, valued at approximately $961,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp lifted its stake in shares of TD SYNNEX by 0.4% in the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock valued at $388,535,000 after purchasing an additional 9,024 shares during the period. Ninety One UK Ltd grew its position in 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 worth $334,876,000 after buying an additional 258,630 shares during the period. LSV Asset Management increased its holdings in TD SYNNEX by 16.1% in the fourth quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider's stock valued at $313,471,000 after buying an additional 288,625 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of TD SYNNEX by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock valued at $230,315,000 after acquiring an additional 99,090 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in shares of TD SYNNEX by 0.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,000,942 shares of the business services provider's stock valued at $150,371,000 after acquiring an additional 8,163 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group lifted their price objective on TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Royal Bank Of Canada raised their price target on TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of TD SYNNEX in a research report on Monday, May 4th. Morgan Stanley increased their price objective on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. Finally, Zacks Research upgraded shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, TD SYNNEX currently has a consensus rating of "Buy" and a consensus price target of $212.60.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $279.67 on Wednesday. The stock has a market capitalization of $22.48 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.17 and a beta of 1.43. TD SYNNEX Corporation has a 12-month low of $118.90 and a 12-month high of $286.25. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The firm's 50-day moving average is $212.80 and its two-hundred day moving average is $175.31.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.80 EPS. Equities analysts predict that TD SYNNEX Corporation will post 15.88 earnings per share for the current 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 dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.7%. TD SYNNEX's dividend payout ratio is currently 15.96%.

Insider Transactions at TD SYNNEX

In related news, Director Richard T. Hume sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $229.54, for a total value of $1,147,700.00. Following the sale, the director directly owned 28,537 shares of the company's stock, valued at approximately $6,550,382.98. This trade represents a 14.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the business's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the sale, the chief financial officer owned 14,035 shares of the company's stock, valued at approximately $2,659,071.10. The trade was a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,250 shares of company stock worth $3,533,382 in the last three months. Company insiders own 0.70% of the company's stock.

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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