BNP Paribas Financial Markets Increases Holdings in TD SYNNEX Corporation $SNX

Key Points

• BNP Paribas Financial Markets sharply increased its TD SYNNEX stake by 284.4% in the fourth quarter, ending with 50,690 shares valued at about $7.6 million.
• TD SYNNEX has drawn a generally bullish analyst outlook, with nine Buy ratings and two Hold ratings; UBS recently raised its price target to $310, while the consensus target is $217.10.
• The company posted strong quarterly results, reporting EPS of $4.73 versus estimates of $3.24 and revenue of $17.16 billion, up 18.1% year over year. It also paid a quarterly dividend of $0.48 per share and recently saw insider selling by executives and a director.

BNP Paribas Financial Markets raised its stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 284.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,690 shares of the business services provider's stock after buying an additional 37,504 shares during the quarter. BNP Paribas Financial Markets owned about 0.06% of TD SYNNEX worth $7,615,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC raised its stake in shares of TD SYNNEX by 3.5% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider's stock worth $317,000 after purchasing an additional 71 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of TD SYNNEX by 10.6% in the third quarter. Jones Financial Companies Lllp now owns 775 shares of the business services provider's stock worth $127,000 after purchasing an additional 74 shares during the last quarter. Ossiam raised its stake in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock worth $27,000 after purchasing an additional 75 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of TD SYNNEX by 3.1% in the third quarter. BTC Capital Management Inc. now owns 2,996 shares of the business services provider's stock worth $491,000 after purchasing an additional 91 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of TD SYNNEX by 1.5% in the third quarter. US Bancorp DE now owns 6,457 shares of the business services provider's stock worth $1,057,000 after purchasing an additional 96 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company's stock.

Wall Street Analyst Weigh In

SNX has been the subject of several recent analyst reports. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. The Goldman Sachs Group boosted their price target on TD SYNNEX from $180.00 to $205.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Royal Bank Of Canada boosted their price target on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Morgan Stanley boosted their price target on TD SYNNEX from $172.00 to $174.00 and gave the stock an "overweight" rating in a research note on Friday, March 20th. Finally, UBS Group boosted their price target on TD SYNNEX from $265.00 to $310.00 and gave the stock a "buy" rating in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, TD SYNNEX has a consensus rating of "Moderate Buy" and an average target price of $217.10.

TD SYNNEX Trading Up 0.2%

TD SYNNEX stock opened at $272.41 on Wednesday. The business has a 50-day simple moving average of $226.71 and a two-hundred day simple moving average of $180.63. The company has a market cap of $21.90 billion, a P/E ratio of 22.64, a P/E/G ratio of 1.17 and a beta of 1.43. TD SYNNEX Corporation has a 52-week low of $122.96 and a 52-week high of $286.25. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. The business had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business's quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.80 EPS. Analysts predict that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX's payout ratio is currently 15.96%.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the completion of the sale, the director owned 23,537 shares of the company's stock, valued at approximately $6,599,304.06. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the sale, the chief financial officer directly owned 14,035 shares of the company's stock, valued at $2,659,071.10. This represents a 18.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 21,250 shares of company stock valued at $4,935,282. Company insiders own 0.70% of the company's stock.

TD SYNNEX 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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