Boston Partners Purchases 451,567 Shares of TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Boston Partners significantly increased its holdings in TD SYNNEX by 321.6%, acquiring an additional 451,567 shares and owning a total of 591,958 shares worth $61.5 million.
• A director and CFO at TD SYNNEX recently sold shares, leading to a combined decrease in their ownership positions, with the director, Richard T. Hume, selling over 63,000 shares worth approximately $8.6 million.
• TD SYNNEX reported better-than-expected quarterly earnings, with an EPS of $2.99, surpassing estimates, and a revenue increase of 7.2% year-over-year, reaching $14.95 billion.

Boston Partners increased its stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 321.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 591,958 shares of the business services provider's stock after acquiring an additional 451,567 shares during the period. Boston Partners owned approximately 0.71% of TD SYNNEX worth $61,547,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SNX. Nuveen LLC acquired a new stake in shares of TD SYNNEX in the first quarter valued at $121,259,000. Nuveen Asset Management LLC increased its position in TD SYNNEX by 343.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider's stock worth $141,913,000 after buying an additional 937,040 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of TD SYNNEX by 16.9% in the first quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider's stock worth $405,441,000 after buying an additional 564,473 shares during the last quarter. Brave Warrior Advisors LLC lifted its holdings in shares of TD SYNNEX by 12.2% during the fourth quarter. Brave Warrior Advisors LLC now owns 4,147,172 shares of the business services provider's stock worth $486,380,000 after buying an additional 451,557 shares during the last quarter. Finally, Invesco Ltd. increased its stake in TD SYNNEX by 42.7% during the first quarter. Invesco Ltd. now owns 788,182 shares of the business services provider's stock valued at $81,939,000 after acquiring an additional 235,753 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

TD SYNNEX Trading Down 2.3%

SNX traded down $3.49 during trading on Friday, reaching $147.40. 743,874 shares of the stock traded hands, compared to its average volume of 552,303. The stock has a market capitalization of $12.16 billion, a PE ratio of 17.22, a P/E/G ratio of 1.20 and a beta of 1.32. TD SYNNEX Corporation has a 12 month low of $92.23 and a 12 month high of $153.70. 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 stock's 50-day moving average is $139.01 and its 200 day moving average is $128.28.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $14.30 billion. During the same period last year, the business earned $2.73 EPS. The business's revenue was up 7.2% on a year-over-year basis. Equities analysts anticipate that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on SNX. Bank of America lifted their price objective on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Barclays set a $140.00 target price on TD SYNNEX in a research note on Tuesday, June 24th. Morgan Stanley set a $155.00 price target on shares of TD SYNNEX and gave the stock an "overweight" rating in a research report on Wednesday, June 25th. Loop Capital boosted their price target on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Finally, Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.30.

Insider Activity

In related news, insider Alim Dhanji sold 1,257 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were 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 in the company, valued at $1,564,231.44. This represents a 10.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ann F. Vezina sold 812 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total value of $122,141.04. Following the completion of the sale, the director directly owned 6,079 shares of the company's stock, valued at $914,403.18. The trade was a 11.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $9,115,025 over the last 90 days. Company insiders own 1.00% of the company's stock.

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.