Ninety One UK Ltd Grows Position in TD SYNNEX Corporation $SNX

Key Points

• Ninety One UK Ltd increased its stake in TD SYNNEX Corporation by 15.0%, owning approximately 3.58% of the company worth $400.3 million as of the latest filing.
• Several institutional investors, including JPMorgan Chase & Co. and Boston Partners, have significantly raised their positions in TD SYNNEX during the first quarter, indicating strong investor confidence.
• Wall Street analysts have raised their price targets for TD SYNNEX, with an average target of $169.55 and a consensus rating of "Moderate Buy", reflecting positive outlooks on the company's growth.

Ninety One UK Ltd raised its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 15.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,949,709 shares of the business services provider's stock after buying an additional 384,518 shares during the quarter. Ninety One UK Ltd owned approximately 3.58% of TD SYNNEX worth $400,275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of TD SYNNEX during the first quarter worth about $121,259,000. JPMorgan Chase & Co. raised its stake in shares of TD SYNNEX by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider's stock worth $405,441,000 after purchasing an additional 564,473 shares during the last quarter. Boston Partners grew its position in TD SYNNEX by 321.6% in the 1st quarter. Boston Partners now owns 591,958 shares of the business services provider's stock valued at $61,547,000 after buying an additional 451,567 shares during the last quarter. Abrams Bison Investments LLC grew its position in TD SYNNEX by 19.4% in the 1st quarter. Abrams Bison Investments LLC now owns 2,683,000 shares of the business services provider's stock valued at $278,925,000 after buying an additional 435,000 shares during the last quarter. Finally, Invesco Ltd. increased its stake in TD SYNNEX by 42.7% in the 1st quarter. Invesco Ltd. now owns 788,182 shares of the business services provider's stock valued at $81,939,000 after buying an additional 235,753 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNX has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of TD SYNNEX from $145.00 to $164.00 and gave the stock a "buy" rating in a research note on Thursday, September 25th. UBS Group raised their price objective on shares of TD SYNNEX from $154.00 to $187.00 and gave the company a "buy" rating in a research report on Monday. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Barclays increased their target price on TD SYNNEX from $140.00 to $164.00 and gave the stock an "equal weight" rating in a research note on Friday, September 26th. Finally, Royal Bank Of Canada lifted their price target on TD SYNNEX from $165.00 to $180.00 and gave the company an "outperform" rating in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $169.55.

Insider Transactions at TD SYNNEX

In other news, CFO Marshall Witt sold 861 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $149.84, for a total value of $129,012.24. Following the completion of the transaction, the chief financial officer owned 49,777 shares of the company's stock, valued at $7,458,585.68. The trade was a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ann F. Vezina sold 812 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $150.42, for a total value of $122,141.04. Following the completion of the transaction, the director owned 6,079 shares of the company's stock, valued at $914,403.18. This trade represents a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,930 shares of company stock worth $430,163 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

TD SYNNEX Stock Performance

Shares of SNX opened at $163.67 on Wednesday. TD SYNNEX Corporation has a 12-month low of $92.23 and a 12-month high of $167.76. The company has a current ratio of 1.20, a quick ratio of 0.71 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average of $149.26 and a two-hundred day moving average of $131.28. The stock has a market cap of $13.50 billion, a P/E ratio of 17.75, a PEG ratio of 1.35 and a beta of 1.35.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, October 17th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.1%. TD SYNNEX's dividend payout ratio (DPR) is presently 19.09%.

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.

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