Lazard Asset Management LLC Makes New Investment in TD SYNNEX Co. (NYSE:SNX)

Lazard Asset Management LLC purchased a new stake in TD SYNNEX Co. (NYSE:SNX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,558 shares of the business services provider's stock, valued at approximately $1,355,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of TD SYNNEX by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 7,685,224 shares of the business services provider's stock valued at $901,323,000 after purchasing an additional 29,659 shares during the period. FMR LLC raised its stake in shares of TD SYNNEX by 3.2% in the 4th quarter. FMR LLC now owns 7,663,179 shares of the business services provider's stock valued at $898,738,000 after purchasing an additional 237,587 shares during the period. Brave Warrior Advisors LLC raised its stake in shares of TD SYNNEX by 12.2% in the 4th quarter. Brave Warrior Advisors LLC now owns 4,147,172 shares of the business services provider's stock valued at $486,380,000 after purchasing an additional 451,557 shares during the period. JPMorgan Chase & Co. raised its stake in shares of TD SYNNEX by 10.7% in the 4th quarter. JPMorgan Chase & Co. now owns 3,335,501 shares of the business services provider's stock valued at $391,188,000 after purchasing an additional 323,282 shares during the period. Finally, Ninety One UK Ltd raised its stake in shares of TD SYNNEX by 75.4% in the 4th quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider's stock valued at $277,316,000 after purchasing an additional 1,016,251 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

Insider Activity

In other news, Director Richard T. Hume sold 20,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $135.88, for a total value of $2,717,600.00. Following the transaction, the director now owns 65,480 shares of the company's stock, valued at approximately $8,897,422.40. This represents a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marshall Witt sold 1,510 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the completion of the transaction, the chief financial officer now directly owns 49,843 shares in the company, valued at $6,383,891.44. The trade was a 2.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,510 shares of company stock valued at $3,241,001. 1.00% of the stock is owned by insiders.

TD SYNNEX Stock Performance

NYSE SNX traded down $0.78 during trading on Friday, reaching $121.53. 398,895 shares of the company's stock were exchanged, compared to its average volume of 741,075. The business has a 50 day moving average price of $112.83 and a 200-day moving average price of $123.40. The stock has a market capitalization of $10.20 billion, a P/E ratio of 15.27, a PEG ratio of 1.06 and a beta of 1.33. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. TD SYNNEX Co. has a fifty-two week low of $92.23 and a fifty-two week high of $145.10.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing analysts' consensus estimates of $2.87 by ($0.07). The business had revenue of $14.53 billion for the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. TD SYNNEX's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $2.99 EPS. Sell-side analysts forecast that TD SYNNEX Co. will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Friday, April 11th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Friday, April 11th. TD SYNNEX's dividend payout ratio (DPR) is presently 21.97%.

Wall Street Analyst Weigh In

Several analysts have issued reports on SNX shares. Cfra dropped their price target on TD SYNNEX from $147.00 to $132.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. Wall Street Zen lowered TD SYNNEX from a "buy" rating to a "hold" rating in a report on Wednesday, March 26th. UBS Group dropped their target price on TD SYNNEX from $150.00 to $138.00 and set a "buy" rating on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. dropped their target price on TD SYNNEX from $125.00 to $120.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Finally, Barrington Research reiterated an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $137.22.

TD SYNNEX Company Profile

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.