Neo Ivy Capital Management Acquires 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 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 14,812 shares of the business services provider's stock, valued at approximately $1,540,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of TD SYNNEX in the fourth quarter worth about $121,199,000. Nuveen Asset Management LLC grew its position in shares of TD SYNNEX by 343.2% during the fourth 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 in the last quarter. LSV Asset Management grew its position in shares of TD SYNNEX by 46.9% during the fourth quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider's stock worth $201,235,000 after purchasing an additional 547,692 shares in the last quarter. Brave Warrior Advisors LLC grew its position in shares of TD SYNNEX by 12.2% during the fourth 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 in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of TD SYNNEX during the fourth quarter worth about $47,094,000. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Stock Performance

Shares of SNX stock traded down $0.50 on Tuesday, hitting $147.65. The company had a trading volume of 142,977 shares, compared to its average volume of 823,074. The firm has a market cap of $12.18 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The company has a 50-day moving average price of $132.36 and a 200-day moving average price of $127.62. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45. TD SYNNEX Corporation has a twelve month low of $92.23 and a twelve month high of $149.75.

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 analysts' consensus estimates of $2.71 by $0.28. The company 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%. TD SYNNEX's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.73 EPS. As a group, equities research analysts predict that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.19%. TD SYNNEX's payout ratio is currently 20.56%.

Insider Transactions at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 1,509 shares of the 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 transaction, 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 through 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 transaction, the director owned 67,515 shares of the company's stock, valued at approximately $9,197,568.45. This represents a 48.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,076 shares of company stock worth $9,322,884 over the last three months. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on SNX shares. Barrington Research reiterated an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a research report on Friday, July 11th. Morgan Stanley set a $155.00 price target on TD SYNNEX and gave the company an "overweight" rating in a report on Wednesday, June 25th. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Loop Capital raised their price target on TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a report on Monday, June 30th. Finally, Barclays set a $140.00 target price on TD SYNNEX in a report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, TD SYNNEX currently has an average rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Company 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.