Convergence Investment Partners LLC Invests $1.01 Million in TD SYNNEX Corporation (NYSE:SNX)

Convergence Investment Partners LLC acquired a new stake in TD SYNNEX Corporation (NYSE:SNX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,716 shares of the business services provider's stock, valued at approximately $1,010,000.

A number of other institutional investors also recently modified their holdings of SNX. Oak Thistle LLC acquired a new position in TD SYNNEX during the first quarter worth $723,000. GW&K Investment Management LLC raised its holdings in TD SYNNEX by 2.1% during the first quarter. GW&K Investment Management LLC now owns 151,011 shares of the business services provider's stock worth $15,699,000 after buying an additional 3,155 shares during the last quarter. IFP Advisors Inc raised its holdings in TD SYNNEX by 22.6% during the first quarter. IFP Advisors Inc now owns 1,241 shares of the business services provider's stock worth $129,000 after buying an additional 229 shares during the last quarter. Impact Partnership Wealth LLC acquired a new position in TD SYNNEX during the first quarter worth $257,000. Finally, Cullen Frost Bankers Inc. acquired a new position in TD SYNNEX during the first quarter worth $44,000. Institutional investors and hedge funds own 84.00% of the company's stock.

Insider Activity

In related news, insider Alim Dhanji sold 1,257 shares of the business's stock in a transaction that occurred 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 transaction, the insider 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marshall Witt sold 1,509 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total transaction of $189,153.15. Following the transaction, the chief financial officer directly owned 49,563 shares of the company's stock, valued at approximately $6,212,722.05. This represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,076 shares of company stock worth $9,322,884 in the last three months. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SNX. Bank of America upped their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday. UBS Group reduced their target price on shares of TD SYNNEX from $150.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Barclays set a $140.00 target price on shares of TD SYNNEX in a research note on Tuesday, June 24th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a research note on Wednesday, June 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $149.30.

TD SYNNEX Stock Performance

NYSE SNX traded up $0.82 during trading hours on Friday, reaching $146.71. 676,696 shares of the company were exchanged, compared to its average volume of 695,784. TD SYNNEX Corporation has a 1 year low of $92.23 and a 1 year high of $147.18. The business's 50 day simple moving average is $131.88 and its 200-day simple moving average is $127.44. 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 has a market capitalization of $12.10 billion, a P/E ratio of 17.14, a P/E/G ratio of 1.19 and a beta of 1.30.

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 for the quarter, topping the consensus estimate of $2.71 by $0.28. The firm had revenue of $14.95 billion during the quarter, compared to the consensus estimate of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The company's revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $2.73 earnings per share. On average, equities research analysts expect that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 annualized dividend and a dividend yield of 1.20%. TD SYNNEX's payout ratio is 20.56%.

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.