Hennessy Advisors Inc. Decreases Stake in TD SYNNEX Corporation $SNX

Key Points

• Hennessy Advisors cut its TD SYNNEX stake by 7.3% in Q4, selling 21,104 shares and holding 266,300 shares (about $40.0 million), making SNX its 18th largest holding.
• TD SYNNEX posted a strong quarter—EPS $4.73 vs. $3.24 expected and revenue $17.16B vs. $15.59B—and several analysts raised price targets, leaving a consensus rating of Moderate Buy with a $186.50 target.
• The company declared a quarterly dividend of $0.48 ($1.92 annual, ~0.9% yield) while insiders have been net sellers, including the CFO's sale of 3,225 shares and 82,165 shares sold by insiders in the past 90 days.

Hennessy Advisors Inc. lowered its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 7.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 266,300 shares of the business services provider's stock after selling 21,104 shares during the quarter. TD SYNNEX comprises 1.4% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 18th largest holding. Hennessy Advisors Inc. owned approximately 0.33% of TD SYNNEX worth $40,006,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in TD SYNNEX by 2.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,884 shares of the business services provider's stock worth $3,738,000 after buying an additional 591 shares during the period. Bayforest Capital Ltd lifted its holdings in TD SYNNEX by 7.5% during the 4th quarter. Bayforest Capital Ltd now owns 2,401 shares of the business services provider's stock worth $361,000 after purchasing an additional 168 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in TD SYNNEX during the 4th quarter worth about $330,000. Ninety One UK Ltd raised its position in TD SYNNEX by 13.1% during the fourth quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock valued at $334,876,000 after purchasing an additional 258,630 shares in the last quarter. Finally, Ninety One North America Inc. bought a new position in TD SYNNEX during the fourth quarter valued at approximately $3,238,000. 84.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNX. Zacks Research upgraded shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 6th. Royal Bank Of Canada upped their price target on shares of TD SYNNEX from $180.00 to $210.00 and gave the company an "outperform" rating in a research report on Wednesday, April 1st. JPMorgan Chase & Co. boosted their price objective on TD SYNNEX from $185.00 to $220.00 and gave the company a "neutral" rating in a research report on Thursday. UBS Group boosted their price objective on TD SYNNEX from $187.00 to $193.00 and gave the company a "buy" rating in a research report on Friday, January 9th. Finally, The Goldman Sachs Group boosted their price objective on TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, TD SYNNEX has a consensus rating of "Moderate Buy" and a consensus target price of $186.50.

TD SYNNEX Trading Up 0.2%

NYSE:SNX opened at $214.72 on Monday. The company has a 50-day moving average price of $169.54 and a 200-day moving average price of $159.27. TD SYNNEX Corporation has a 12 month low of $102.16 and a 12 month high of $215.01. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The stock has a market cap of $17.26 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 1.10 and a beta of 1.23.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, topping the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion during the quarter, compared to analysts' expectations of $15.59 billion. During the same period last year, the company posted $2.80 EPS. The company's quarterly revenue was up 18.1% compared to the same quarter last year. Equities analysts predict that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th will be given a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.9%. TD SYNNEX's dividend payout ratio is currently 15.96%.

Insider Transactions at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of TD SYNNEX stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the transaction, the chief financial officer owned 14,035 shares of the company's stock, valued at $2,659,071.10. The trade was a 18.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 167 shares of TD SYNNEX stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the completion of the transaction, the director directly owned 6,995 shares of the company's stock, valued at approximately $1,103,461.25. This represents a 2.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 82,165 shares of company stock worth $13,559,368. 0.70% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.