Principal Financial Group Inc. Has $95.05 Million Stock Position in TD SYNNEX Corporation $SNX

Key Points

• Principal Financial Group trimmed its stake in TD SYNNEX by 2.2% in Q4 to 632,701 shares worth $95.05 million, representing about 0.78% of the company.
• TD SYNNEX beat quarterly expectations with $4.73 EPS (vs. $3.24 est.) and $17.16B revenue (+18.1% YoY), spurring multiple analyst price-target increases and an average rating of "Moderate Buy" with a $197.70 target.
• The company declared a quarterly dividend of $0.48 ($1.92 annual, ~0.8% yield), while insiders have sold about 25,317 shares (~$4.8M) in the past 90 days and currently own 0.70% of the stock.

Principal Financial Group Inc. lowered its stake in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 2.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 632,701 shares of the business services provider's stock after selling 14,348 shares during the quarter. Principal Financial Group Inc. owned approximately 0.78% of TD SYNNEX worth $95,053,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of SNX. Ossiam raised its holdings in shares of TD SYNNEX by 84.3% during the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after acquiring an additional 75 shares during the period. Dorato Capital Management purchased a new stake in shares of TD SYNNEX in the 4th quarter valued at approximately $27,000. Measured Wealth Private Client Group LLC acquired a new position in TD SYNNEX in the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. grew its position in TD SYNNEX by 675.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 225 shares of the business services provider's stock worth $37,000 after purchasing an additional 196 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new position in TD SYNNEX during the 3rd quarter worth approximately $42,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNX has been the subject of a number of research analyst reports. Barclays increased their target price on TD SYNNEX from $163.00 to $166.00 and gave the company an "equal weight" rating in a report on Wednesday, April 1st. Morgan Stanley lifted their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Royal Bank Of Canada increased their price objective on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Weiss Ratings restated a "buy (b)" rating on shares of TD SYNNEX in a research report on Monday. Finally, Wall Street Zen raised TD SYNNEX from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, TD SYNNEX has an average rating of "Moderate Buy" and an average price target of $197.70.

TD SYNNEX Stock Performance

SNX stock opened at $234.23 on Thursday. The firm has a 50 day moving average of $183.18 and a two-hundred day moving average of $164.54. TD SYNNEX Corporation has a 12 month low of $114.04 and a 12 month high of $236.00. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 19.47, a P/E/G ratio of 1.02 and a beta of 1.40. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41.

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

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.8%. TD SYNNEX's payout ratio is currently 15.96%.

Insider Activity at TD SYNNEX

In related news, CFO David Gregory Jordan sold 3,225 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the sale, the chief financial officer directly owned 14,035 shares in the company, valued at approximately $2,659,071.10. The trade was a 18.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Merline Saintil sold 167 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the sale, the director directly owned 6,995 shares of the company's stock, valued at $1,103,461.25. The trade was a 2.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,317 shares of company stock worth $4,796,849 in the last 90 days. Insiders own 0.70% of the company's stock.

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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