TD SYNNEX Corporation (NYSE:SNX) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. reduced its holdings in TD SYNNEX by 42.2% during the first quarter, now owning 40,220 shares valued at approximately $4.18 million.
• Insider sales included Alim Dhanji selling 1,257 shares and CFO Marshall Witt selling 1,509 shares, indicating a decrease in their ownership positions.
• TD SYNNEX reported quarterly earnings of $2.99 per share, exceeding analysts' expectations, with a revenue growth of 7.2% year-over-year.

iA Global Asset Management Inc. cut its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 42.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,220 shares of the business services provider's stock after selling 29,360 shares during the period. iA Global Asset Management Inc.'s holdings in TD SYNNEX were worth $4,181,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings in shares of TD SYNNEX by 174.7% during the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock worth $28,000 after purchasing an additional 152 shares during the period. Versant Capital Management Inc lifted its holdings in shares of TD SYNNEX by 115.1% during 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. acquired a new stake in shares of TD SYNNEX during the first quarter worth $44,000. State of Wyoming lifted its holdings 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 during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of TD SYNNEX by 16.8% during the first quarter. GAMMA Investing LLC now owns 750 shares of the business services provider's stock worth $78,000 after purchasing an additional 108 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on SNX. Wall Street Zen downgraded TD SYNNEX from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a report on Wednesday, June 25th. Barclays set a $140.00 price target on TD SYNNEX in a research report on Tuesday, June 24th. Morgan Stanley set a $155.00 price target on TD SYNNEX and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Finally, Bank of America raised their price target on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $149.30.

TD SYNNEX Trading Up 2.2%

SNX traded up $3.13 during midday trading on Friday, hitting $146.61. The company's stock had a trading volume of 419,759 shares, compared to its average volume of 538,392. 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 cap of $12.09 billion, a P/E ratio of 17.13, a PEG ratio of 1.19 and a beta of 1.32. The firm has a 50-day moving average price of $136.25 and a two-hundred day moving average price of $128.11. TD SYNNEX Corporation has a 52-week low of $92.23 and a 52-week high of $149.76.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.28. The business had revenue of $14.95 billion for 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 revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.73 EPS. On average, research analysts anticipate that TD SYNNEX Corporation will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

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

Insider Activity

In other news, Director Richard T. Hume sold 63,310 shares of TD SYNNEX stock in a transaction dated 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 transaction, the director directly owned 67,515 shares of the company's stock, valued at $9,197,568.45. The trade was a 48.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Marshall Witt sold 1,509 shares of TD SYNNEX 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 completion of the transaction, the chief financial officer directly owned 49,563 shares in the company, valued at $6,212,722.05. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,076 shares of company stock valued at $8,992,884 in the last three months. Corporate insiders own 1.00% of the company's stock.

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.