KLP Kapitalforvaltning AS Has $1.87 Million Position in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in TD SYNNEX Corporation by 23.7%, holding 18,000 shares worth $1.87 million after selling 5,600 shares in the first quarter.
• Several institutional investors made notable changes to their positions in TD SYNNEX, with 84% of the stock owned by such investors, highlighting significant interest in the company.
• TD SYNNEX recently reported a quarterly earnings per share (EPS) of $2.99, exceeding the consensus estimate by $0.28, while also announcing a quarterly dividend of $0.44.

KLP Kapitalforvaltning AS lessened its stake in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 23.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,000 shares of the business services provider's stock after selling 5,600 shares during the period. KLP Kapitalforvaltning AS's holdings in TD SYNNEX were worth $1,871,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. GW&K Investment Management LLC boosted its stake in TD SYNNEX by 2.1% during the first quarter. GW&K Investment Management LLC now owns 151,011 shares of the business services provider's stock valued at $15,699,000 after buying an additional 3,155 shares in the last quarter. IFP Advisors Inc boosted its position in shares of TD SYNNEX by 22.6% during the 1st quarter. IFP Advisors Inc now owns 1,241 shares of the business services provider's stock valued at $129,000 after purchasing an additional 229 shares in the last quarter. Impact Partnership Wealth LLC acquired a new position in shares of TD SYNNEX in the 1st quarter worth approximately $257,000. Cullen Frost Bankers Inc. bought a new stake in shares of TD SYNNEX in the 1st quarter worth approximately $44,000. Finally, CWM LLC lifted its stake in TD SYNNEX by 2.3% during the first quarter. CWM LLC now owns 8,806 shares of the business services provider's stock valued at $916,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Insider Activity

In related news, Director Richard T. Hume sold 63,310 shares of TD SYNNEX stock in a transaction on 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 transaction, the director owned 67,515 shares in the company, valued at $9,197,568.45. This trade represents a 48.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alim Dhanji sold 1,257 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,564,231.44. This trade represents a 10.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,076 shares of company stock worth $9,322,884. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNX. Barrington Research reiterated an "outperform" rating and issued a $156.00 price target on shares of TD SYNNEX in a research report on Friday, July 11th. Loop Capital increased their price objective on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Bank of America lifted their target price on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday. Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 price target on shares of TD SYNNEX in a research report on Wednesday, June 25th. Finally, Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Stock Up 0.7%

NYSE SNX traded up $1.00 during trading on Monday, reaching $147.96. The company's stock had a trading volume of 565,862 shares, compared to its average volume of 828,115. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $12.20 billion, a PE ratio of 17.29, a PEG ratio of 1.20 and a beta of 1.30. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $148.16. The business has a 50-day moving average price of $131.88 and a 200-day moving average price of $127.52.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm had revenue of $14.95 billion during the quarter, compared to analysts' expectations of $14.30 billion. During the same period in the prior year, the company posted $2.73 earnings per share. TD SYNNEX's revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts forecast that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently disclosed 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 1.19%. The ex-dividend date was Friday, July 11th. TD SYNNEX's dividend 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.