Bank of New York Mellon Corp Trims Stock Holdings in TD SYNNEX Corporation $SNX

Key Points

• Bank of New York Mellon reduced its TD SYNNEX stake by 11.2% in the fourth quarter, selling 74,820 shares and leaving it with 595,125 shares valued at about $89.4 million.
• TD SYNNEX reported strong quarterly results, with EPS of $4.73 beating estimates and revenue of $17.16 billion topping forecasts; revenue also rose 18.1% year over year.
• Analysts remain broadly positive, with nine Buy ratings and two Holds, and a consensus price target of $212.60, while the stock recently traded up 1.1% to $271.89.

Bank of New York Mellon Corp lowered its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 595,125 shares of the business services provider's stock after selling 74,820 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of TD SYNNEX worth $89,406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Ossiam grew its holdings in TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Dorato Capital Management acquired a new stake in TD SYNNEX during the 4th quarter valued at approximately $27,000. Measured Wealth Private Client Group LLC bought a new position in TD SYNNEX during the 3rd quarter worth approximately $30,000. Lloyd Advisory Services LLC. bought a new position in TD SYNNEX during the 4th quarter worth approximately $32,000. Finally, Brown Brothers Harriman & Co. lifted its holdings in TD SYNNEX by 675.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 225 shares of the business services provider's stock worth $37,000 after buying an additional 196 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Insider Activity

In related news, CFO David Gregory Jordan sold 3,225 shares of the firm's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares of the company's stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Miriam Anne Murphy sold 3,025 shares of the firm's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the sale, the insider directly owned 10,820 shares in the company, valued at $2,165,514.80. The trade was a 21.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,250 shares of company stock valued at $4,935,282 in the last 90 days. 0.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barrington Research reissued an "outperform" rating and issued a $182.00 price target on shares of TD SYNNEX in a report on Friday, March 27th. The Goldman Sachs Group boosted their target price on TD SYNNEX from $180.00 to $205.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. JPMorgan Chase & Co. upgraded TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target for the company in a research note on Wednesday, May 27th. Finally, Royal Bank Of Canada boosted their price objective on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold 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 price target of $212.60.

TD SYNNEX Stock Up 1.1%

NYSE SNX opened at $271.89 on Tuesday. The firm has a market cap of $21.86 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.16 and a beta of 1.43. TD SYNNEX Corporation has a one year low of $122.96 and a one year high of $286.25. The stock's 50 day simple moving average is $224.41 and its 200 day simple moving average is $179.75. 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 released its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. The business 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%.TD SYNNEX's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.80 EPS. As a group, sell-side analysts forecast that TD SYNNEX Corporation will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were paid a $0.48 dividend. 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 15.96%.

TD SYNNEX Company 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.

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