LGT Fund Management Co Ltd. Invests $2.50 Million in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• LGT Fund Management Co Ltd. has acquired a new stake in TD SYNNEX Corporation, purchasing 24,000 shares valued at approximately $2,495,000.
• Several major investors have increased their positions, including Nuveen LLC, which invested $121,259,000 in the first quarter and now holds over 1.2 million shares.
• TD SYNNEX recently reported $14.95 billion in revenue for the last quarter, exceeding the consensus estimate of $14.30 billion, and posted earnings of $2.99 per share, surpassing expectations by $0.28.

LGT Fund Management Co Ltd. purchased a new position in TD SYNNEX Corporation (NYSE:SNX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,000 shares of the business services provider's stock, valued at approximately $2,495,000.

Several other hedge funds have also recently added to or reduced their stakes in SNX. LPL Financial LLC raised its position in TD SYNNEX by 15.0% in the fourth quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock worth $1,839,000 after purchasing an additional 2,050 shares in the last quarter. Envestnet Asset Management Inc. raised its position in TD SYNNEX by 15.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 55,498 shares of the business services provider's stock worth $6,508,000 after purchasing an additional 7,410 shares in the last quarter. Cerity Partners LLC raised its position in TD SYNNEX by 0.8% in the fourth quarter. Cerity Partners LLC now owns 16,923 shares of the business services provider's stock worth $2,001,000 after purchasing an additional 131 shares in the last quarter. Bank of Montreal Can raised its position in TD SYNNEX by 12.9% in the fourth quarter. Bank of Montreal Can now owns 9,147 shares of the business services provider's stock worth $1,073,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Invesco Ltd. raised its position in TD SYNNEX by 0.9% in the fourth quarter. Invesco Ltd. now owns 552,429 shares of the business services provider's stock worth $64,789,000 after purchasing an additional 4,935 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SNX shares. JPMorgan Chase & Co. increased their price target on shares of TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley set a $155.00 price objective on shares of TD SYNNEX and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Wall Street Zen lowered shares of TD SYNNEX from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Bank of America raised their price objective on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Barclays set a $140.00 price objective on shares of TD SYNNEX in a report on Tuesday, June 24th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, TD SYNNEX currently has an average rating of "Moderate Buy" and an average target price of $149.30.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, Director Richard T. Hume sold 63,310 shares of the firm's stock in a transaction that occurred 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 directly owned 67,515 shares of the company's stock, valued at approximately $9,197,568.45. This trade represents a 48.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann F. Vezina sold 812 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $150.42, for a total transaction of $122,141.04. Following the completion of the transaction, the director directly owned 6,079 shares in the company, valued at approximately $914,403.18. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $9,115,025 in the last three months. Insiders own 1.00% of the company's stock.

TD SYNNEX Price Performance

Shares of TD SYNNEX stock traded down $2.69 during midday trading on Thursday, reaching $150.89. The company had a trading volume of 613,838 shares, compared to its average volume of 525,283. 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 company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 1.25 and a beta of 1.32. The stock has a fifty day simple moving average of $138.53 and a 200 day simple moving average of $128.42. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $153.70.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $14.30 billion. During the same period last year, the firm earned $2.73 earnings per share. The business's revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities research analysts forecast that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

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

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.