Ruffer LLP Cuts Position in TD SYNNEX Corporation $SNX

Key Points

• Ruffer LLP reduced its position in TD SYNNEX Corporation by 14.3% in the second quarter, selling 14,369 shares and holding approximately 0.10% of the company post-sale.
• TD SYNNEX reported a 7.2% year-over-year revenue increase, with $14.95 billion in revenue and $2.99 earnings per share, outperforming analysts’ expectations.
• Several hedge funds have increased their stake in TD SYNNEX, with Mitsubishi UFJ Asset Management growing holdings by 329.8% in the first quarter, indicating growing institutional interest.

Ruffer LLP lessened its holdings in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 14.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 85,976 shares of the business services provider's stock after selling 14,369 shares during the quarter. Ruffer LLP owned about 0.10% of TD SYNNEX worth $11,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in TD SYNNEX by 329.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider's stock worth $25,000 after purchasing an additional 188 shares during the period. Versant Capital Management Inc grew its holdings in TD SYNNEX by 115.1% in the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock worth $36,000 after purchasing an additional 183 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in TD SYNNEX in the first quarter worth about $44,000. Quarry LP purchased a new stake in TD SYNNEX in the first quarter worth about $51,000. Finally, State of Wyoming grew its holdings in TD SYNNEX by 51.9% in the fourth quarter. State of Wyoming now owns 594 shares of the business services provider's stock worth $70,000 after purchasing an additional 203 shares during the period. Hedge funds and other institutional investors own 84.00% of the company's stock.

TD SYNNEX Stock Down 1.0%

Shares of TD SYNNEX stock opened at $150.37 on Thursday. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 17.57, a price-to-earnings-growth ratio of 1.24 and a beta of 1.35. The company's 50 day moving average is $147.63 and its 200 day moving average is $130.24. TD SYNNEX Corporation has a twelve month low of $92.23 and a twelve month high of $154.44. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. The company had revenue of $14.95 billion for the quarter, compared to the consensus estimate of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.73 earnings per share. Research analysts anticipate that TD SYNNEX Corporation will post 11.88 EPS for the current year.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 861 shares of the 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 transaction, the chief financial officer directly owned 49,777 shares in the company, valued at approximately $7,458,585.68. This trade represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann F. Vezina sold 812 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total transaction of $122,141.04. Following the completion of the transaction, the director owned 6,079 shares in the company, valued at $914,403.18. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,240 shares of company stock worth $9,054,884 in the last three months. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SNX shares. Loop Capital increased their price target on shares of TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a report on Monday, June 30th. JPMorgan Chase & Co. increased their price target on shares of TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barrington Research reiterated an "outperform" rating and set a $156.00 price target on shares of TD SYNNEX in a report on Tuesday. Wall Street Zen upgraded shares of TD SYNNEX from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Finally, Morgan Stanley increased their price target on shares of TD SYNNEX from $155.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, September 18th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $153.10.

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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