Lyrical Asset Management LP Sells 69,896 Shares of TD SYNNEX Corporation $SNX

Key Points

• Lyrical Asset Management LP reduced its TD SYNNEX stake by 5.4% in the fourth quarter, selling 69,896 shares and still holding 1.22 million shares valued at about $183.3 million.
• TD SYNNEX insiders also sold shares, including Director Richard T. Hume and CFO David Gregory Jordan, with insiders selling 21,250 shares worth about $4.94 million over the last three months.
• The company reported strong quarterly results, posting earnings of $4.73 per share and revenue of $17.16 billion, both ahead of estimates, while analysts maintain a Moderate Buy consensus with a $212.60 target price.

Lyrical Asset Management LP lowered its stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 5.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,220,385 shares of the business services provider's stock after selling 69,896 shares during the period. TD SYNNEX makes up approximately 2.5% of Lyrical Asset Management LP's holdings, making the stock its 17th biggest position. Lyrical Asset Management LP owned approximately 1.51% of TD SYNNEX worth $183,338,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in TD SYNNEX by 9.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider's stock valued at $1,749,000 after acquiring an additional 1,460 shares during the period. Goldman Sachs Group Inc. lifted its stake in TD SYNNEX by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider's stock valued at $18,631,000 after acquiring an additional 9,815 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in TD SYNNEX by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider's stock valued at $21,226,000 after acquiring an additional 12,615 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in TD SYNNEX during the 2nd quarter valued at about $818,000. Finally, EverSource Wealth Advisors LLC lifted its stake in TD SYNNEX by 17.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 852 shares of the business services provider's stock valued at $116,000 after acquiring an additional 126 shares during the period. Institutional investors own 84.00% of the company's stock.

Insiders Place Their Bets

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the transaction, the director directly owned 23,537 shares in the company, valued at $6,599,304.06. This represents a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the company's stock in a transaction that occurred 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. The trade was a 18.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,250 shares of company stock worth $4,935,282 in the last three months. 0.70% of the stock is owned by company insiders.

TD SYNNEX Trading Down 0.2%

TD SYNNEX stock opened at $268.25 on Monday. TD SYNNEX Corporation has a 12-month low of $121.50 and a 12-month high of $286.25. 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 firm has a market capitalization of $21.56 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 1.16 and a beta of 1.43. The firm has a 50 day moving average of $222.16 and a 200 day moving average of $178.86.

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

TD SYNNEX Dividend Announcement

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

Analyst Upgrades and Downgrades

SNX has been the topic of several research analyst reports. Wall Street Zen upgraded shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Barclays upped their price target on shares of TD SYNNEX from $166.00 to $237.00 and gave the company an "equal weight" rating in a research report on Friday, May 29th. Royal Bank Of Canada upped their price target on shares of TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Morgan Stanley upped their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. Finally, The Goldman Sachs Group upped their price target on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, TD SYNNEX currently has a consensus rating of "Moderate 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.

Want to see what other hedge funds are holding SNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TD SYNNEX Corporation (NYSE:SNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.