Globeflex Capital L P Increases Holdings in TD SYNNEX Corporation $SNX

Key Points

• Globeflex Capital L P sharply increased its stake in TD SYNNEX, boosting holdings by 545.4% in the fourth quarter to 35,224 shares worth about $5.29 million.
• Wall Street sentiment remains positive, with several firms raising price targets and nine analysts rating the stock a Buy; the consensus rating is currently Moderate Buy with an average target of $212.60.
• TD SYNNEX reported strong quarterly results, posting earnings of $4.73 per share versus $3.24 expected and revenue of $17.16 billion, while also paying a quarterly dividend of $0.48 per share.

Globeflex Capital L P grew its holdings in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 545.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,224 shares of the business services provider's stock after acquiring an additional 29,766 shares during the period. Globeflex Capital L P's holdings in TD SYNNEX were worth $5,292,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in SNX. Dorato Capital Management bought a new stake in shares of TD SYNNEX in the fourth quarter worth about $27,000. Ossiam increased its holdings in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of TD SYNNEX in the third quarter worth about $30,000. Lloyd Advisory Services LLC. bought a new stake in shares of TD SYNNEX in the fourth quarter worth about $32,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of TD SYNNEX by 675.9% in the third quarter. Brown Brothers Harriman & Co. now owns 225 shares of the business services provider's stock worth $37,000 after purchasing an additional 196 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on SNX. UBS Group lifted their target price on TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. raised TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 target price on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group lifted their target price on TD SYNNEX from $180.00 to $205.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Wall Street Zen raised TD SYNNEX from a "hold" rating to a "buy" rating in a report on Saturday, February 21st. Finally, Royal Bank Of Canada lifted their target price on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Nine 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.com, the company presently has an average rating of "Moderate Buy" and an average target price of $212.60.

Insider Buying and Selling at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the transaction, the director owned 23,537 shares of the company's stock, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the company's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the transaction, the chief financial officer directly owned 14,035 shares in the company, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,250 shares of company stock worth $4,935,282 over the last quarter. Insiders own 0.70% of the company's stock.

TD SYNNEX Trading Down 0.6%

SNX stock opened at $277.69 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. TD SYNNEX Corporation has a twelve month low of $120.19 and a twelve month high of $286.25. The stock has a market capitalization of $22.32 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.43. The firm's fifty day simple moving average is $220.07 and its two-hundred day simple moving average is $178.01.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $15.59 billion. During the same quarter in the previous year, the business posted $2.80 earnings per share. The business's revenue was up 18.1% compared to the same quarter last year. As a group, analysts anticipate that TD SYNNEX Corporation will post 15.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. The ex-dividend date was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. TD SYNNEX's payout ratio is 15.96%.

TD SYNNEX Company Profile

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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