Federated Hermes Inc. Lowers Stock Position in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Federated Hermes Inc. has reduced its stake in TD SYNNEX Corporation by 23.9%, owning approximately 211,654 shares worth about $22 million after selling 66,534 shares.
• Several other institutional investors have increased their stakes in TD SYNNEX, with a notable 30.4% increase from Commonwealth Equity Services LLC.
• TD SYNNEX reported quarterly earnings of $2.99 per share, surpassing estimates, along with a revenue of $14.95 billion, a 7.2% increase compared to the same quarter last year.

Federated Hermes Inc. reduced its stake in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 23.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,654 shares of the business services provider's stock after selling 66,534 shares during the quarter. Federated Hermes Inc. owned about 0.25% of TD SYNNEX worth $22,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Commonwealth Equity Services LLC raised its stake in shares of TD SYNNEX by 30.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,961 shares of the business services provider's stock worth $465,000 after acquiring an additional 923 shares in the last quarter. LPL Financial LLC raised its stake in shares of TD SYNNEX by 15.0% during the fourth quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock worth $1,839,000 after acquiring an additional 2,050 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of TD SYNNEX during the fourth quarter worth approximately $79,000. Pictet Asset Management Holding SA raised its stake in shares of TD SYNNEX by 9.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 11,667 shares of the business services provider's stock worth $1,368,000 after acquiring an additional 1,026 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of TD SYNNEX by 1.6% during the fourth quarter. California Public Employees Retirement System now owns 357,709 shares of the business services provider's stock worth $41,952,000 after acquiring an additional 5,673 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Richard T. Hume sold 63,310 shares of the business's stock in a transaction 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 sale, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Alim Dhanji sold 1,257 shares of the business'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 sale, the insider owned 10,984 shares in the company, valued at approximately $1,564,231.44. This trade represents a 10.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,076 shares of company stock worth $8,992,884. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Bank of America raised their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Loop Capital raised their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Morgan Stanley set a $155.00 target price on shares of TD SYNNEX and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Royal Bank Of Canada restated an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a report on Wednesday, June 25th. Finally, Wall Street Zen upgraded shares of TD SYNNEX from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $149.30.

TD SYNNEX Stock Performance

NYSE:SNX opened at $144.28 on Friday. The stock has a market cap of $11.90 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The firm's fifty day simple moving average is $133.82 and its 200 day simple moving average is $127.98. TD SYNNEX Corporation has a twelve month low of $92.23 and a twelve month high of $149.76. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $14.95 billion for the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.73 earnings per share. As a group, research analysts predict that TD SYNNEX Corporation will post 11.88 EPS 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 issued 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%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.