Bank of New York Mellon Corp Reduces Stock Position in TD SYNNEX Corporation $SNX

Key Points

• Bank of New York Mellon Corp trimmed its TD SYNNEX stake by 3.7% in the first quarter, selling 21,784 shares and ending with 573,341 shares valued at about $96.7 million.
• TD SYNNEX reported strong quarterly results, with EPS of $4.85 and revenue of $19.57 billion, both above analyst expectations, while revenue rose 31% year over year.
• The company also announced a quarterly dividend of $0.48 per share, and Wall Street remains positive overall, with an average analyst rating of “Buy” and an average price target of $294.67.

Bank of New York Mellon Corp decreased its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 573,341 shares of the business services provider's stock after selling 21,784 shares during the quarter. Bank of New York Mellon Corp owned about 0.71% of TD SYNNEX worth $96,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Essex Financial Services Inc. raised its position in shares of TD SYNNEX by 2.9% in the first quarter. Essex Financial Services Inc. now owns 1,957 shares of the business services provider's stock valued at $330,000 after buying an additional 56 shares during the last quarter. SJS Investment Consulting Inc. lifted its stake in shares of TD SYNNEX by 44.6% during the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock valued at $34,000 after buying an additional 62 shares during the period. Ashton Thomas Private Wealth LLC boosted its position in TD SYNNEX by 3.5% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider's stock worth $317,000 after acquiring an additional 71 shares during the last quarter. Turtle Creek Wealth Advisors LLC grew its stake in TD SYNNEX by 4.1% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 1,847 shares of the business services provider's stock worth $312,000 after acquiring an additional 72 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in TD SYNNEX by 1.0% in the 4th quarter. Quadrant Capital Group LLC now owns 7,588 shares of the business services provider's stock valued at $1,140,000 after acquiring an additional 73 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at TD SYNNEX

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the business's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $242.97, for a total value of $1,214,850.00. Following the transaction, the director owned 18,537 shares in the company, valued at $4,503,934.89. The trade was a 21.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 20,000 shares of company stock worth $4,933,700. Insiders own 0.70% of the company's stock.

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $238.60 on Tuesday. The stock's 50 day moving average price is $257.39 and its 200 day moving average price is $203.27. The firm has a market capitalization of $19.08 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 0.68 and a beta of 1.43. 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, topping analysts' consensus estimates of $4.14 by $0.71. The firm had revenue of $19.57 billion during the quarter, compared to analysts' expectations of $16.80 billion. TD SYNNEX had a return on equity of 15.37% and a net margin of 1.63%.TD SYNNEX's quarterly revenue was up 31.0% compared to the same quarter last year. During the same quarter in the prior 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 company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $1.92 annualized dividend and a yield of 0.8%. TD SYNNEX's payout ratio is 13.74%.

Wall Street Analyst Weigh In

SNX has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on TD SYNNEX from $341.00 to $374.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. UBS Group lifted their price objective on TD SYNNEX from $310.00 to $352.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Barclays upped their target price on TD SYNNEX from $237.00 to $278.00 and gave the company an "equal weight" rating in a research note on Thursday, July 2nd. The Goldman Sachs Group set a $330.00 price target on TD SYNNEX in a research note on Friday, June 26th. Finally, Weiss Ratings cut TD SYNNEX from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $294.67.

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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