25,619 Shares in TD SYNNEX Corporation (NYSE:SNX) Purchased by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP invested approximately $2.66 million in TD SYNNEX Corporation, acquiring 25,619 shares during the first quarter.
• TD SYNNEX reported earnings of $2.99 per share for the last quarter, exceeding analyst expectations of $2.71, and an annual revenue increase of 7.2% year-over-year.
• The company's recent quarterly dividend was set at $0.44 per share, resulting in an annualized dividend of $1.76, with a yield of 1.3%.

Baker Avenue Asset Management LP acquired a new position in TD SYNNEX Corporation (NYSE:SNX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,619 shares of the business services provider's stock, valued at approximately $2,663,000.

Other large investors have also recently bought and sold shares of the company. Barclays PLC boosted its stake in TD SYNNEX by 20.1% in the 4th quarter. Barclays PLC now owns 97,617 shares of the business services provider's stock worth $11,448,000 after buying an additional 16,310 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in TD SYNNEX by 36.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 75,778 shares of the business services provider's stock worth $7,878,000 after purchasing an additional 20,280 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in TD SYNNEX by 3.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,252 shares of the business services provider's stock worth $754,000 after purchasing an additional 244 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of TD SYNNEX by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,361 shares of the business services provider's stock valued at $765,000 after acquiring an additional 785 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of TD SYNNEX by 95.8% in the 1st quarter. UMB Bank n.a. now owns 840 shares of the business services provider's stock valued at $87,000 after acquiring an additional 411 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SNX shares. Bank of America boosted their price objective on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen lowered TD SYNNEX from a "buy" rating to a "hold" rating in a report on Saturday. Barrington Research reaffirmed an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a report on Friday, July 11th. 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 research report on Thursday, July 17th. Finally, Barclays set a $140.00 target price on TD SYNNEX in a research report on Tuesday, June 24th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.30.

Insider Buying and Selling

In other TD SYNNEX news, insider Alim Dhanji sold 1,257 shares of TD SYNNEX stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total transaction of $179,009.37. Following the transaction, the insider directly owned 10,984 shares in the company, valued at approximately $1,564,231.44. The trade was a 10.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard T. Hume sold 63,310 shares of TD SYNNEX stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $136.23, for a total value of $8,624,721.30. Following the transaction, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. This represents a 48.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,076 shares of company stock valued at $8,992,884 over the last three months. Company insiders own 1.00% of the company's stock.

TD SYNNEX Stock Performance

Shares of SNX stock traded up $0.74 during mid-day trading on Wednesday, reaching $142.10. The stock had a trading volume of 437,601 shares, compared to its average volume of 812,910. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45. The firm has a market cap of $11.72 billion, a PE ratio of 16.60, a P/E/G ratio of 1.16 and a beta of 1.32. TD SYNNEX Corporation has a one year low of $92.23 and a one year high of $149.76. The firm's 50 day simple moving average is $134.94 and its 200 day simple moving average is $128.02.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The business had revenue of $14.95 billion during the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter last year, the company earned $2.73 EPS. TD SYNNEX's revenue was up 7.2% on a year-over-year basis. On average, analysts forecast that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.2%. TD SYNNEX's payout ratio is 20.56%.

TD SYNNEX Company 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.