Comerica Bank Acquires 27,601 Shares of TD SYNNEX Corporation $SNX

Key Points

• Comerica Bank increased its stake in TD SYNNEX by 74.9% in Q4, acquiring 27,601 shares to hold 64,435 shares (about 0.08% of the company) valued at roughly $9.68 million.
• TD SYNNEX beat expectations with $4.73 EPS vs. $3.24 expected and $17.16 billion in revenue (up 18.1% YoY), triggering multiple analyst price-target raises and a MarketBeat consensus rating of "Moderate Buy" with a $186.50 target.
• Insiders sold 44,174 shares (~$7.46 million) over the past three months, and the company recently paid a $0.48 quarterly dividend (annualized $1.92, ~0.9% yield).

Comerica Bank grew its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 74.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 64,435 shares of the business services provider's stock after acquiring an additional 27,601 shares during the period. Comerica Bank owned about 0.08% of TD SYNNEX worth $9,680,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Cornerstone Wealth Management LLC grew its holdings in TD SYNNEX by 3.8% in the third quarter. Cornerstone Wealth Management LLC now owns 1,895 shares of the business services provider's stock worth $310,000 after purchasing an additional 69 shares during the period. Ashton Thomas Private Wealth LLC grew its holdings in 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 period. Jones Financial Companies Lllp grew its holdings in 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 period. Ossiam grew its holdings in shares of TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Finally, BTC Capital Management Inc. grew its holdings in shares of TD SYNNEX by 3.1% during the third quarter. BTC Capital Management Inc. now owns 2,996 shares of the business services provider's stock valued at $491,000 after buying an additional 91 shares during the last quarter. Institutional investors own 84.00% of the company's stock.

Analyst Ratings Changes

SNX has been the subject of a number of analyst reports. Barrington Research reiterated an "outperform" rating and set a $182.00 price objective on shares of TD SYNNEX in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price objective on shares of TD SYNNEX from $185.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. UBS Group lifted their price objective on shares of TD SYNNEX from $187.00 to $193.00 and gave the company a "buy" rating in a report on Friday, January 9th. The Goldman Sachs Group lifted their price objective on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Finally, Royal Bank Of Canada lifted their price objective on shares of TD SYNNEX from $180.00 to $210.00 and gave the company an "outperform" rating in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $186.50.

TD SYNNEX Stock Up 0.4%

SNX opened at $224.19 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The company's 50-day moving average is $178.83 and its 200 day moving average is $162.86. TD SYNNEX Corporation has a fifty-two week low of $108.19 and a fifty-two week high of $229.47. The firm has a market capitalization of $18.02 billion, a P/E ratio of 18.64, a PEG ratio of 1.14 and a beta of 1.23.

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 for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. During the same period last year, the firm earned $2.80 earnings per share. The firm's revenue was up 18.1% on a year-over-year basis. Research analysts expect that TD SYNNEX Corporation will post 15.69 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX's dividend payout ratio (DPR) is presently 15.96%.

Insider Activity at TD SYNNEX

In related news, CEO Patrick Zammit sold 13,900 shares of the firm's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $171.57, for a total transaction of $2,384,823.00. Following the transaction, the chief executive officer directly owned 170,928 shares of the company's stock, valued at $29,326,116.96. This trade represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Miriam Anne Murphy sold 3,025 shares of the firm's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 44,174 shares of company stock valued at $7,459,641 over the last three months. Insiders own 0.70% of the company's stock.

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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