JPMorgan Chase & Co. Increases Stake in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• JPMorgan Chase & Co. increased its stake in TD SYNNEX Corporation by 16.9%, owning approximately 4.65% of the company valued at $405 million after acquiring nearly 565,000 shares in Q1.
• TD SYNNEX reported $2.99 EPS in its latest earnings release, surpassing analyst expectations, and achieved quarterly revenue of $14.95 billion, which is a 7.2% year-over-year growth.
• The company announced a quarterly dividend of $0.44 per share, leading to an annualized dividend of $1.76 and a dividend yield of 1.2%.

JPMorgan Chase & Co. raised its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 16.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,899,974 shares of the business services provider's stock after buying an additional 564,473 shares during the period. JPMorgan Chase & Co. owned about 4.65% of TD SYNNEX worth $405,441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNX. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of TD SYNNEX by 329.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider's stock worth $25,000 after purchasing an additional 188 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock worth $28,000 after purchasing an additional 152 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of TD SYNNEX by 115.1% in the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock worth $36,000 after purchasing an additional 183 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of TD SYNNEX in the first quarter worth $44,000. Finally, State of Wyoming increased its stake in shares of TD SYNNEX by 51.9% in the fourth quarter. State of Wyoming now owns 594 shares of the business services provider's stock worth $70,000 after purchasing an additional 203 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

TD SYNNEX Price Performance

SNX stock opened at $145.62 on Tuesday. TD SYNNEX Corporation has a 52 week low of $92.23 and a 52 week 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. The company has a fifty day simple moving average of $136.77 and a two-hundred day simple moving average of $128.02. The firm has a market capitalization of $12.01 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.19 and a beta of 1.32.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 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 business had revenue of $14.95 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same quarter last year, the business earned $2.73 earnings per share. TD SYNNEX's quarterly revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, July 11th. TD SYNNEX's dividend payout ratio (DPR) is 20.56%.

Insider Transactions at TD SYNNEX

In related news, Director Richard T. Hume sold 63,310 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $136.23, for a total value of $8,624,721.30. Following the sale, the director directly owned 67,515 shares of the company's stock, valued at $9,197,568.45. This represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Marshall Witt sold 1,509 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total transaction of $189,153.15. Following the completion of the sale, the chief financial officer directly owned 49,563 shares in the company, valued at $6,212,722.05. This trade represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,076 shares of company stock worth $8,992,884. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNX. Bank of America increased their price objective on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Loop Capital increased 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. Barclays set a $140.00 target price on shares of TD SYNNEX in a research note on Tuesday, June 24th. JPMorgan Chase & Co. raised their target price on shares of TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a research note on Friday, July 11th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, TD SYNNEX presently has an average rating of "Moderate Buy" and an average price target of $149.30.

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.

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