Blueshift Asset Management LLC Cuts Stock Position in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Blueshift Asset Management LLC decreased its stake in TD SYNNEX Corporation by 42.3%, selling 2,520 shares and retaining a total of 3,442 shares valued at approximately $358,000.
• TD SYNNEX recently reported $2.99 earnings per share (EPS), surpassing the consensus estimate by $0.28 and demonstrating a revenue increase of 7.2% year-over-year.
• The company announced a quarterly dividend of $0.44 per share, yielding 1.3%, with a payout ratio of 20.56%.

Blueshift Asset Management LLC lowered its holdings in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 42.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,442 shares of the business services provider's stock after selling 2,520 shares during the quarter. Blueshift Asset Management LLC's holdings in TD SYNNEX were worth $358,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SNX. Bessemer Group Inc. raised its holdings in shares of TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after purchasing an additional 152 shares in the last quarter. Versant Capital Management Inc grew its position in shares of TD SYNNEX by 115.1% in the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock worth $36,000 after buying an additional 183 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of TD SYNNEX in the 1st quarter worth approximately $44,000. State of Wyoming grew its position in shares of TD SYNNEX by 51.9% in the 4th quarter. State of Wyoming now owns 594 shares of the business services provider's stock worth $70,000 after buying an additional 203 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of TD SYNNEX by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 750 shares of the business services provider's stock worth $78,000 after buying an additional 108 shares during the last quarter. Institutional investors own 84.00% of the company's stock.

Analyst Upgrades and Downgrades

SNX has been the topic of a number of analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $145.00 price objective on shares of TD SYNNEX in a research report on Wednesday, June 25th. Loop Capital boosted their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Bank of America boosted their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Barrington Research reissued an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a research report on Friday, July 11th. Finally, Barclays set a $140.00 target price on shares of TD SYNNEX in a research report on Tuesday, June 24th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Stock Performance

NYSE SNX traded down $1.37 on Wednesday, hitting $139.99. 29,758 shares of the company's stock traded hands, compared to its average volume of 810,715. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $149.76. The firm's 50-day moving average price is $134.94 and its two-hundred day moving average price is $128.02. The firm has a market capitalization of $11.54 billion, a PE ratio of 16.36, a P/E/G ratio of 1.16 and a beta of 1.32.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm had revenue of $14.95 billion during the quarter, compared to analysts' expectations of $14.30 billion. During the same period in the previous year, the business posted $2.73 EPS. The business's revenue was up 7.2% compared to the same quarter last year. As a group, analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, July 11th. TD SYNNEX's payout ratio is currently 20.56%.

Insider Activity at TD SYNNEX

In related news, CFO Marshall Witt sold 1,509 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total value of $189,153.15. Following the completion of the transaction, the chief financial officer directly owned 49,563 shares in the company, valued at $6,212,722.05. The trade was a 2.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Alim Dhanji sold 1,257 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total transaction of $179,009.37. Following the completion of the sale, the insider directly owned 10,984 shares of the company's stock, valued at approximately $1,564,231.44. The trade was a 10.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,076 shares of company stock worth $8,992,884 in the last three months. Company insiders own 1.00% of the company's stock.

TD SYNNEX 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.