MIG Capital LLC Invests $552,000 in TD SYNNEX Corporation $SNX

Key Points

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MIG Capital LLC purchased a new stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,305 shares of the business services provider's stock, valued at approximately $552,000.

Several other large investors have also recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in shares of TD SYNNEX by 257.2% during the 1st quarter. Wellington Management Group LLP now owns 103,664 shares of the business services provider's stock worth $10,777,000 after purchasing an additional 74,646 shares in the last quarter. Versor Investments LP raised its stake in shares of TD SYNNEX by 310.2% during the 1st quarter. Versor Investments LP now owns 8,537 shares of the business services provider's stock worth $888,000 after purchasing an additional 6,456 shares in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of TD SYNNEX by 6.7% during the 1st quarter. Burgundy Asset Management Ltd. now owns 153,564 shares of the business services provider's stock worth $15,965,000 after purchasing an additional 9,690 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of TD SYNNEX by 2.2% during the 1st quarter. Raymond James Financial Inc. now owns 410,236 shares of the business services provider's stock worth $42,648,000 after purchasing an additional 8,683 shares in the last quarter. Finally, Ethic Inc. raised its stake in shares of TD SYNNEX by 9.3% during the 1st quarter. Ethic Inc. now owns 8,408 shares of the business services provider's stock worth $873,000 after purchasing an additional 714 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNX has been the topic of a number of analyst reports. Loop Capital upped their price objective on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Barrington Research reiterated an "outperform" rating and set a $156.00 price objective on shares of TD SYNNEX in a research note on Friday, July 11th. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday. Barclays set a $140.00 price objective on TD SYNNEX in a research report on Tuesday, June 24th. Finally, Morgan Stanley set a $155.00 price objective on TD SYNNEX and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, TD SYNNEX currently has an average rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Stock Performance

NYSE:SNX opened at $147.46 on Tuesday. The stock has a market cap of $12.16 billion, a P/E ratio of 17.23, a PEG ratio of 1.20 and a beta of 1.32. The stock has a 50 day simple moving average of $139.44 and a 200 day simple moving average of $128.31. 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 released its quarterly earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.28. The business had revenue of $14.95 billion during the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $2.73 EPS. Research analysts anticipate that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared 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. This represents a $1.76 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, July 11th. TD SYNNEX's dividend payout ratio (DPR) is presently 20.56%.

Insider Transactions at TD SYNNEX

In related news, CFO Marshall Witt sold 1,509 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, June 18th. The stock was 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 directly owned 49,563 shares of the company's stock, valued at approximately $6,212,722.05. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard T. Hume sold 63,310 shares of TD SYNNEX stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $136.23, for a total value of $8,624,721.30. Following the sale, the director directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock valued at $9,115,025. 1.00% of the stock is currently owned by company insiders.

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.

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