Legal & General Group Plc Sells 41,842 Shares of TD SYNNEX Corporation $SNX

Key Points

• Legal & General Group Plc cut its TD SYNNEX stake by 23.4% in the fourth quarter, selling 41,842 shares and leaving it with 137,152 shares worth about $20.6 million.
• TD SYNNEX reported strong quarterly results, with EPS of $4.73 beating estimates and revenue of $17.16 billion topping expectations; revenue also rose 18.1% year over year.
• Analysts remain bullish on the stock, with several firms raising targets or upgrading ratings and a consensus “Buy” rating alongside an average price target of $212.60.

Legal & General Group Plc decreased its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 23.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,152 shares of the business services provider's stock after selling 41,842 shares during the quarter. Legal & General Group Plc owned approximately 0.17% of TD SYNNEX worth $20,604,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its stake in shares of TD SYNNEX by 7.7% during the third quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider's stock valued at $162,568,000 after buying an additional 71,249 shares during the period. Concentric Capital Strategies LP purchased a new stake in TD SYNNEX in the third quarter worth $18,036,000. Envestnet Asset Management Inc. increased its position in TD SYNNEX by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider's stock valued at $13,587,000 after purchasing an additional 8,264 shares during the period. Fieldview Capital Management LLC bought a new position in TD SYNNEX in the 3rd quarter worth $1,318,000. Finally, Citigroup Inc. lifted its position in shares of TD SYNNEX by 12.0% in the 3rd quarter. Citigroup Inc. now owns 83,103 shares of the business services provider's stock worth $13,608,000 after purchasing an additional 8,914 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the sale, the director directly owned 28,537 shares in the company, valued at approximately $6,550,382.98. This trade represents a 14.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the business's stock in a transaction on 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. This represents a 18.68% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 16,417 shares of company stock worth $3,559,726. Corporate insiders own 0.70% of the company's stock.

TD SYNNEX Trading Down 0.3%

NYSE SNX opened at $260.46 on Monday. TD SYNNEX Corporation has a 12 month low of $118.35 and a 12 month high of $264.81. 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's fifty day moving average price is $210.50 and its 200-day moving average price is $174.46. The stock has a market cap of $20.94 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.13 and a beta of 1.43.

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

TD SYNNEX Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SNX shares. UBS Group boosted their price target on shares of TD SYNNEX from $193.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Weiss Ratings restated a "buy (b)" rating on shares of TD SYNNEX in a report on Monday, May 4th. JPMorgan Chase & Co. upgraded TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 target price on the stock in a report on Wednesday, May 27th. Zacks Research upgraded TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Finally, Barrington Research reissued an "outperform" rating and set a $182.00 price target on shares of TD SYNNEX in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $212.60.

TD SYNNEX Company 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.

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