Lord Abbett & CO. LLC Has $86.65 Million Position in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Lord Abbett & CO. LLC reduced its stake in TD SYNNEX Corporation by 1.9%, bringing its total ownership to 833,510 shares valued at approximately $86.65 million.
• Boston Partners increased its holdings in TD SYNNEX by 321.6%, acquiring an additional 451,567 shares to own 591,958 shares worth about $61.55 million.
• TD SYNNEX reported a 7.2% increase in revenue year-over-year, with earnings per share surpassing analyst expectations at $2.99 compared to the consensus estimate of $2.71.

Lord Abbett & CO. LLC reduced its position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 1.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 833,510 shares of the business services provider's stock after selling 16,434 shares during the period. Lord Abbett & CO. LLC owned about 0.99% of TD SYNNEX worth $86,652,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SNX. LPL Financial LLC lifted its holdings in TD SYNNEX by 15.0% during the 4th quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock valued at $1,839,000 after purchasing an additional 2,050 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of 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 acquiring an additional 7,410 shares during the last quarter. Cerity Partners LLC raised its stake in shares of 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 acquiring an additional 131 shares during the last quarter. Bank of Montreal Can raised its stake in shares of 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 acquiring an additional 1,047 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock worth $28,000 after acquiring an additional 152 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Marshall Witt sold 1,509 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total transaction of $189,153.15. Following the completion of the sale, the chief financial officer owned 49,563 shares of the company's stock, valued at $6,212,722.05. This represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alim Dhanji sold 1,257 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total transaction of $179,009.37. Following the transaction, the insider owned 10,984 shares of the company's stock, valued at $1,564,231.44. The trade was a 10.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $9,115,025 in the last ninety days. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SNX shares. Morgan Stanley set a $155.00 target price on shares of TD SYNNEX and gave the stock an "overweight" rating in a research note on Wednesday, June 25th. Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday. Loop Capital boosted their target price on shares of 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 boosted their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $156.00 target price on shares of TD SYNNEX in a research note on Friday, July 11th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, TD SYNNEX presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.30.

TD SYNNEX Trading Down 2.3%

Shares of NYSE:SNX traded down $3.49 during trading on Friday, hitting $147.40. 743,874 shares of the company's stock were exchanged, compared to its average volume of 533,662. The firm has a market cap of $12.16 billion, a P/E ratio of 17.22, a PEG ratio of 1.20 and a beta of 1.32. The firm has a 50-day moving average price of $139.01 and a two-hundred day moving average price of $128.37. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. 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 issued 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. The firm had revenue of $14.95 billion during the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The business's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.73 earnings per share. Equities analysts predict that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a dividend of $0.44 per share. The ex-dividend date was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.2%. TD SYNNEX's payout ratio is currently 20.56%.

TD SYNNEX 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.