Ruffer LLP Boosts Stake in TD SYNNEX Corporation (NYSE:SNX)

Key Points

• Ruffer LLP increased its stake in TD SYNNEX Corporation by 16.1% during the first quarter, acquiring an additional 13,920 shares, bringing its total ownership to approximately 0.12% valued at $10.43 million.
• Insider trading activity saw Alim Dhanji sell 1,257 shares for over $179,000, while CFO Marshall Witt sold 1,509 shares for about $189,000, reflecting a 10.27% and 2.95% decline in their respective ownership positions.
• Brokerage firms have varied ratings on TD SYNNEX, with Loop Capital and JP Morgan raising their price targets to $160.00, while Wall Street Zen downgraded their rating from buy to hold.

Ruffer LLP grew its stake in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 16.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 100,345 shares of the business services provider's stock after buying an additional 13,920 shares during the quarter. Ruffer LLP owned 0.12% of TD SYNNEX worth $10,432,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bessemer Group Inc. grew its position in shares of TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after buying an additional 152 shares during the last quarter. Versant Capital Management Inc boosted its stake 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 valued at $36,000 after acquiring an additional 183 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of TD SYNNEX during the first quarter worth about $44,000. State of Wyoming increased its position in shares of TD SYNNEX by 51.9% during 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 in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of TD SYNNEX by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 750 shares of the business services provider's stock valued at $78,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company's stock.

TD SYNNEX Stock Performance

Shares of TD SYNNEX stock traded down $0.85 on Tuesday, reaching $141.32. 527,716 shares of the stock were exchanged, compared to its average volume of 554,518. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $11.65 billion, a PE ratio of 16.51, a PEG ratio of 1.16 and a beta of 1.32. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $149.76. The business has a fifty day moving average price of $134.94 and a two-hundred day moving average price of $128.02.

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

TD SYNNEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were paid a $0.44 dividend. The ex-dividend date was Friday, July 11th. This represents a $1.76 annualized dividend and a dividend yield of 1.2%. TD SYNNEX's dividend payout ratio (DPR) is 20.56%.

Insider Activity at TD SYNNEX

In related news, insider Alim Dhanji sold 1,257 shares of TD SYNNEX stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total transaction of $179,009.37. Following the completion of the transaction, the insider directly owned 10,984 shares of the company's stock, valued at approximately $1,564,231.44. The trade was a 10.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard T. Hume sold 63,310 shares of the business'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 sale, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,076 shares of company stock worth $8,992,884 over the last 90 days. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on SNX shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $145.00 price target on shares of TD SYNNEX in a research report on Wednesday, June 25th. Barclays set a $140.00 target price on shares of TD SYNNEX in a report on Tuesday, June 24th. Loop Capital upped their price target on shares of TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Monday, June 30th. JPMorgan Chase & Co. raised their price objective on shares of TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Bank of America lifted their price objective on shares of TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, TD SYNNEX has an average rating of "Moderate Buy" and an average price target of $149.30.

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.