LGT Fund Management Co Ltd. Purchases New Position 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 stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) during the first quarter, according to its most recent disclosure 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.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNX. Nuveen LLC bought a new position in shares of TD SYNNEX during the 1st quarter valued at $121,259,000. Nuveen Asset Management LLC raised its holdings in TD SYNNEX by 343.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider's stock worth $141,913,000 after purchasing an additional 937,040 shares during the period. JPMorgan Chase & Co. raised its holdings in TD SYNNEX by 16.9% in the 1st quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider's stock worth $405,441,000 after purchasing an additional 564,473 shares during the period. Brave Warrior Advisors LLC raised its holdings in 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 worth $486,380,000 after purchasing an additional 451,557 shares during the period. Finally, Raymond James Financial Inc. bought a new position in TD SYNNEX in the 4th quarter worth $47,094,000. 84.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on SNX shares. Barrington Research reaffirmed an "outperform" rating and issued a $156.00 target price on shares of TD SYNNEX in a report on Friday, July 11th. Barclays set a $140.00 target price on TD SYNNEX in a report on Tuesday, June 24th. JPMorgan Chase & Co. raised their target price on TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley set a $155.00 target price on TD SYNNEX and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Finally, Bank of America raised their target price on TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $149.30.

TD SYNNEX Price Performance

Shares of TD SYNNEX stock traded down $3.49 during trading on Friday, reaching $147.40. 743,874 shares of the stock traded hands, compared to its average volume of 533,662. The company has a market capitalization of $12.16 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 1.23 and a beta of 1.32. The business has a fifty day simple moving average of $139.01 and a two-hundred day simple moving average of $128.46. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. TD SYNNEX Corporation has a 52-week low of $92.23 and a 52-week high of $153.70.

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 for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. The firm had revenue of $14.95 billion during the quarter, compared to analyst estimates of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The business's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.73 earnings per share. Sell-side analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were given a $0.44 dividend. The ex-dividend date was Friday, July 11th. This represents a $1.76 annualized dividend and a yield of 1.2%. TD SYNNEX's dividend payout ratio (DPR) is currently 20.56%.

Insider Buying and Selling

In related news, Director Ann F. Vezina sold 812 shares of TD SYNNEX stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total value of $122,141.04. Following the completion of the transaction, the director owned 6,079 shares in the company, valued at approximately $914,403.18. This trade represents a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 63,310 shares of the business's 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 of the company's stock, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock worth $9,115,025. Insiders own 1.00% of the company's stock.

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.