CX Institutional Boosts Stock Holdings in TD SYNNEX Corporation $SNX

Key Points

• CX Institutional increased its holdings in TD SYNNEX Corporation by 28.9% during the second quarter, acquiring an additional 3,457 shares, bringing its total to 15,434 shares valued at $2,094,000.
• TD SYNNEX reported $2.99 earnings per share for the last quarter, exceeding analysts' estimates of $2.71, with a revenue increase of 7.2% year-over-year.
• The company declared a quarterly dividend of $0.44 per share, resulting in an annualized dividend yield of 1.2%, and the payout ratio is 20.56%.

CX Institutional raised its position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 28.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,434 shares of the business services provider's stock after purchasing an additional 3,457 shares during the period. CX Institutional's holdings in TD SYNNEX were worth $2,094,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of TD SYNNEX by 16.9% during 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. Abrams Bison Investments LLC grew its stake in shares of TD SYNNEX by 19.4% during the first quarter. Abrams Bison Investments LLC now owns 2,683,000 shares of the business services provider's stock worth $278,925,000 after buying an additional 435,000 shares during the last quarter. Ninety One UK Ltd grew its stake in shares of TD SYNNEX by 8.5% during the first quarter. Ninety One UK Ltd now owns 2,565,191 shares of the business services provider's stock worth $266,677,000 after buying an additional 200,628 shares during the last quarter. LSV Asset Management grew its stake in shares of TD SYNNEX by 10.3% during the first quarter. LSV Asset Management now owns 1,891,769 shares of the business services provider's stock worth $196,668,000 after buying an additional 175,922 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of TD SYNNEX during the first quarter worth $121,259,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SNX shares. Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, August 16th. Loop Capital boosted their price objective on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Morgan Stanley boosted their price objective on shares of TD SYNNEX from $155.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. Barrington Research reaffirmed an "outperform" rating and set a $156.00 price target on shares of TD SYNNEX in a research report on Tuesday. Finally, Bank of America upped their price target on shares of TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $153.10.

Insider Activity

In other news, CFO Marshall Witt sold 861 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $149.84, for a total value of $129,012.24. Following the transaction, the chief financial officer owned 49,777 shares in the company, valued at approximately $7,458,585.68. This represents a 1.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard T. Hume sold 63,310 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $136.23, for a total transaction of $8,624,721.30. Following the transaction, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. This trade represents a 48.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,240 shares of company stock worth $9,054,884. Corporate insiders own 1.00% of the company's stock.

TD SYNNEX Trading Down 0.7%

Shares of NYSE SNX traded down $1.01 during midday trading on Tuesday, hitting $150.50. 571,960 shares of the company traded hands, compared to its average volume of 780,227. TD SYNNEX Corporation has a 12-month low of $92.23 and a 12-month high of $154.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.26. The stock has a 50-day moving average price of $147.23 and a 200 day moving average price of $129.95. The firm has a market cap of $12.41 billion, a P/E ratio of 17.58, a P/E/G ratio of 1.22 and a beta of 1.35.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly 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 company had revenue of $14.95 billion for the quarter, compared to analysts' expectations of $14.30 billion. During the same quarter in the previous year, the company earned $2.73 earnings per share. TD SYNNEX's quarterly revenue was up 7.2% on a year-over-year basis. As a group, analysts expect that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

About TD SYNNEX

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.