Kennedy Capital Management LLC Decreases Stock Position in TD SYNNEX Corporation $SNX

Key Points

• Kennedy Capital Management cut its TD SYNNEX stake by 11.4% in the fourth quarter, selling 17,671 shares and leaving it with 137,877 shares worth about $20.7 million.
• TD SYNNEX reported a strong quarter, with EPS of $4.73 beating estimates by $1.49 and revenue of $17.16 billion, up 18.1% year over year.
• Wall Street sentiment remains constructive overall: analysts have a Moderate Buy consensus on SNX, even after mixed rating changes and a recent insider share sale.

Kennedy Capital Management LLC reduced its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 11.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 137,877 shares of the business services provider's stock after selling 17,671 shares during the quarter. Kennedy Capital Management LLC owned approximately 0.17% of TD SYNNEX worth $20,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of SNX. Dorato Capital Management purchased a new position in shares of TD SYNNEX in the fourth quarter valued at $27,000. Ossiam grew its position in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of TD SYNNEX in the third quarter valued at $30,000. Lloyd Advisory Services LLC. purchased a new position in shares of TD SYNNEX in the fourth quarter valued at $32,000. Finally, Brown Brothers Harriman & Co. grew its position 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 valued at $37,000 after purchasing an additional 196 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 5,000 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the sale, the director owned 23,537 shares of the company's stock, valued at approximately $6,599,304.06. The trade was a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the sale, the insider directly owned 10,820 shares of the company's stock, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 21,250 shares of company stock valued at $4,935,282. Insiders own 0.70% of the company's stock.

TD SYNNEX Trading Up 1.4%

Shares of SNX stock opened at $280.91 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. The business has a 50-day moving average price of $232.97 and a two-hundred day moving average price of $183.13. TD SYNNEX Corporation has a 12-month low of $122.96 and a 12-month high of $286.25. The firm has a market cap of $22.58 billion, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.43.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the previous year, the company posted $2.80 earnings per share. The company's revenue was up 18.1% compared to the same quarter last year. Equities analysts anticipate that TD SYNNEX Corporation will post 15.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNX. The Goldman Sachs Group lifted their price target on TD SYNNEX from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday. Zacks Research cut TD SYNNEX from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Morgan Stanley lifted their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. Royal Bank Of Canada boosted their target price on TD SYNNEX from $250.00 to $315.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $233.10.

TD SYNNEX 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.

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.