Nuveen LLC Makes New Investment in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Nuveen LLC acquired 1,166,405 shares of TD SYNNEX Corporation, worth approximately $121 million, increasing its stake to 1.39% of the company.
• TD SYNNEX reported a quarterly EPS of $2.99, surpassing analysts' expectations and demonstrating a year-over-year revenue growth of 7.2%.
• The company announced a quarterly dividend of $0.44, translating to an annualized dividend of $1.76 and a yield of 1.2%.

Nuveen LLC bought a new position in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,166,405 shares of the business services provider's stock, valued at approximately $121,259,000. Nuveen LLC owned approximately 1.39% of TD SYNNEX at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings in TD SYNNEX by 42.7% in the first quarter. Invesco Ltd. now owns 788,182 shares of the business services provider's stock worth $81,939,000 after purchasing an additional 235,753 shares during the period. Atlas Capital Advisors Inc. boosted its holdings in shares of TD SYNNEX by 31.7% in the first quarter. Atlas Capital Advisors Inc. now owns 4,903 shares of the business services provider's stock worth $510,000 after buying an additional 1,179 shares during the period. JPMorgan Chase & Co. boosted its holdings 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 period. Cynosure Group LLC boosted its holdings in shares of TD SYNNEX by 24.3% during the first quarter. Cynosure Group LLC now owns 3,234 shares of the business services provider's stock worth $336,000 after purchasing an additional 633 shares during the period. Finally, National Bank of Canada FI boosted its holdings in shares of TD SYNNEX by 2.7% during the first quarter. National Bank of Canada FI now owns 8,406 shares of the business services provider's stock worth $875,000 after purchasing an additional 222 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SNX shares. JPMorgan Chase & Co. raised their price objective on shares of TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Wall Street Zen downgraded shares of TD SYNNEX from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Barrington Research reiterated an "outperform" rating and set a $156.00 price target on shares of TD SYNNEX in a research note on Friday, July 11th. Barclays set a $140.00 target price on shares of TD SYNNEX in a research note on Tuesday, June 24th. Finally, Loop Capital lifted 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. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $149.30.

TD SYNNEX Trading Down 1.8%

SNX stock traded down $2.69 during trading on Thursday, hitting $150.89. 613,838 shares of the company traded hands, compared to its average volume of 525,283. TD SYNNEX Corporation has a 1 year low of $92.23 and a 1 year high of $153.70. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.26. The company has a 50-day moving average of $138.53 and a 200-day moving average of $128.42. The firm has a market capitalization of $12.44 billion, a PE ratio of 17.63, a P/E/G ratio of 1.25 and a beta of 1.32.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted 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 analyst estimates of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The company's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.73 EPS. Analysts predict that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business 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 was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.2%. TD SYNNEX's dividend payout ratio is currently 20.56%.

Insider Buying and Selling

In related news, 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 completion of the transaction, the director owned 67,515 shares in the company, valued at $9,197,568.45. This trade represents a 48.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Marshall Witt sold 1,509 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total value of $189,153.15. Following the sale, the chief financial officer owned 49,563 shares in the company, valued at $6,212,722.05. This trade represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $9,115,025 in the last three months. Corporate insiders own 1.00% of the company's stock.

About TD SYNNEX

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.