Northwestern Mutual Wealth Management Co. Boosts Stake in TD SYNNEX Corporation $SNX

Key Points

• Northwestern Mutual Wealth Management increased its TD SYNNEX stake by 438.2% in the fourth quarter, ending with 17,759 shares valued at about $2.67 million.
• TD SYNNEX reported better-than-expected quarterly results, with EPS of $4.73 versus estimates of $3.24 and revenue of $17.16 billion, up 18.1% year over year.
• The stock has drawn mixed-to-bullish analyst sentiment, with recent upgrades and a consensus “Moderate Buy” rating; shares also trade near their 12-month high after a strong run-up.

Northwestern Mutual Wealth Management Co. boosted its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 438.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,759 shares of the business services provider's stock after purchasing an additional 14,459 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in TD SYNNEX were worth $2,668,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position 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 worth $162,568,000 after purchasing an additional 71,249 shares during the last quarter. Concentric Capital Strategies LP purchased a new stake in TD SYNNEX during the 3rd quarter valued at about $18,036,000. Envestnet Asset Management Inc. grew its stake in 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 in the last quarter. Fieldview Capital Management LLC purchased a new stake in TD SYNNEX during the 3rd quarter valued at about $1,318,000. Finally, Citigroup Inc. grew its stake in shares of TD SYNNEX by 12.0% in the 3rd quarter. Citigroup Inc. now owns 83,103 shares of the business services provider's stock valued at $13,608,000 after buying an additional 8,914 shares during the period. Hedge funds and other institutional investors own 84.00% of the company's stock.

Insider Activity

In related news, Director Richard T. Hume sold 5,000 shares of TD SYNNEX stock in a transaction on Monday, May 18th. The shares were sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the sale, the director directly owned 28,537 shares in the company, valued at $6,550,382.98. This trade represents a 14.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of TD SYNNEX stock in a transaction on Monday, April 6th. The stock was sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares in the company, valued at $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,417 shares of company stock valued at $3,559,726 in the last 90 days. Company insiders own 0.70% of the company's stock.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $237.30 on Tuesday. The stock has a market cap of $19.08 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 1.04 and a beta of 1.40. The company has a fifty day simple moving average of $202.89 and a 200-day simple moving average of $171.74. TD SYNNEX Corporation has a 12-month low of $118.35 and a 12-month high of $242.49. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $1.49. The business had revenue of $17.16 billion during the quarter, compared to analysts' expectations of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.80 EPS. Equities analysts expect that TD SYNNEX Corporation will post 15.69 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX's payout ratio is 15.96%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Royal Bank Of Canada increased their target price on shares of TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Morgan Stanley increased their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an "overweight" rating in a report on Friday, March 20th. Barclays increased their target price 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. Finally, Zacks Research upgraded shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, TD SYNNEX has a consensus rating of "Moderate Buy" and a consensus target price of $197.70.

TD SYNNEX Company 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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