Neo Ivy Capital Management Purchases Shares of 14,812 TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Neo Ivy Capital Management has acquired a new stake in TD SYNNEX Corporation, purchasing 14,812 shares valued at approximately $1.54 million in the first quarter of the year.
• Multiple institutional investors have increased their stakes in TD SYNNEX, with Bessemer Group Inc. boosting its position by 174.7%.
• Analysts have mixed views on TD SYNNEX, with a consensus rating of "Moderate Buy" and a target price averaging $149.30, despite varying projections from different analysts.

Neo Ivy Capital Management acquired a new stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 14,812 shares of the business services provider's stock, valued at approximately $1,540,000.

Other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its stake in TD SYNNEX by 174.7% during the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after buying an additional 152 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of TD SYNNEX by 115.1% during the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock valued at $36,000 after acquiring an additional 183 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of TD SYNNEX in the first quarter valued at $44,000. State of Wyoming increased its position in TD SYNNEX by 51.9% in the fourth quarter. State of Wyoming now owns 594 shares of the business services provider's stock worth $70,000 after purchasing an additional 203 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in TD SYNNEX during the fourth quarter valued at $79,000. Hedge funds and other institutional investors own 84.00% of the company's stock.

Analysts Set New Price Targets

SNX has been the topic of a number of research reports. Royal Bank Of Canada restated an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price objective on TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group lowered their price objective on TD SYNNEX from $150.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Finally, The Goldman Sachs Group decreased their price target on TD SYNNEX from $154.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $149.30.

TD SYNNEX Stock Performance

Shares of SNX stock opened at $145.90 on Friday. 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 12-month low of $92.23 and a 12-month high of $146.75. The business's 50 day moving average is $131.45 and its two-hundred day moving average is $127.28. The company has a market capitalization of $12.03 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.19 and a beta of 1.30.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its earnings results on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 1.21% and a return on equity of 11.58%. The company's quarterly revenue 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. Analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be issued a $0.44 dividend. The ex-dividend date is Friday, July 11th. This represents a $1.76 annualized dividend and a dividend yield of 1.21%. TD SYNNEX's dividend payout ratio is presently 20.56%.

Insider Buying and Selling

In other news, insider Alim Dhanji sold 1,257 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total value of $179,009.37. Following the completion of the sale, the insider owned 10,984 shares of the company's stock, valued at $1,564,231.44. This represents a 10.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard T. Hume sold 63,310 shares of the firm's stock in a transaction 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. This trade represents a 48.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,076 shares of company stock worth $9,322,884. 1.00% of the stock is owned by corporate insiders.

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.

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