Ninety One UK Ltd Purchases 258,630 Shares of TD SYNNEX Corporation $SNX

Key Points

• Ninety One UK Ltd increased its stake in TD SYNNEX by 13.1%, purchasing 258,630 shares in Q4 and now owning 2,229,091 shares (a 2.74% stake) valued at about $334.9 million.
• TD SYNNEX beat expectations for the quarter, reporting EPS of $4.73 versus $3.24 estimated and revenue of $17.16 billion (up 18.1% year-over-year), with analysts projecting $11.88 EPS for the fiscal year.
• The company declared a quarterly dividend of $0.48 per share (annualized $1.92, ~0.9% yield), and several analysts have raised price targets, leaving a MarketBeat consensus of "Moderate Buy."

Ninety One UK Ltd raised its position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 13.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,229,091 shares of the business services provider's stock after purchasing an additional 258,630 shares during the quarter. Ninety One UK Ltd owned 2.74% of TD SYNNEX worth $334,876,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SNX. Thrivent Financial for Lutherans boosted its holdings in shares of TD SYNNEX by 7.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 992,779 shares of the business services provider's stock valued at $162,568,000 after acquiring an additional 71,249 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of TD SYNNEX by 16.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 331,743 shares of the business services provider's stock valued at $54,535,000 after acquiring an additional 46,713 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in shares of TD SYNNEX during the 3rd quarter valued at about $1,701,000. Envestnet Asset Management Inc. boosted its holdings in shares of TD SYNNEX by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider's stock valued at $13,587,000 after acquiring an additional 8,264 shares during the last quarter. Finally, Concentric Capital Strategies LP bought a new position in TD SYNNEX in the third quarter valued at about $18,036,000. 84.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, CEO Patrick Zammit sold 13,900 shares of TD SYNNEX stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $171.57, for a total transaction of $2,384,823.00. Following the transaction, the chief executive officer owned 170,928 shares of the company's stock, valued at $29,326,116.96. The trade was a 7.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard T. Hume sold 25,000 shares of TD SYNNEX stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $160.67, for a total transaction of $4,016,750.00. Following the transaction, the director directly owned 47,515 shares in the company, valued at $7,634,235.05. This represents a 34.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 82,165 shares of company stock valued at $13,559,368. 0.70% of the stock is currently owned by company insiders.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $214.72 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. TD SYNNEX Corporation has a 1-year low of $102.16 and a 1-year high of $215.01. The company has a market capitalization of $17.26 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.08 and a beta of 1.23. The firm's 50 day simple moving average is $169.54 and its two-hundred day simple moving average is $159.33.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The business had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. During the same quarter in the previous year, the firm earned $2.80 earnings per share. The company's revenue for the quarter was up 18.1% on a year-over-year basis. Research analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $1.92 annualized dividend and a yield of 0.9%. TD SYNNEX's payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SNX shares. JPMorgan Chase & Co. boosted their price target on TD SYNNEX from $185.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday. Weiss Ratings reissued a "buy (b-)" rating on shares of TD SYNNEX in a report on Wednesday, January 21st. Barclays raised their price objective on shares of TD SYNNEX from $163.00 to $166.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 1st. Zacks Research raised shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Finally, UBS Group raised their price objective on shares of TD SYNNEX from $187.00 to $193.00 and gave the stock a "buy" rating in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, TD SYNNEX presently has a consensus rating of "Moderate Buy" and a consensus target price of $186.50.

TD SYNNEX 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.

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