iA Global Asset Management Inc. Sells 29,360 Shares of TD SYNNEX Corporation (NYSE:SNX)

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. trimmed its holdings in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 42.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & 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 quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LPL Financial LLC raised its position in shares of TD SYNNEX by 15.0% in the fourth quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock valued at $1,839,000 after purchasing an additional 2,050 shares during the period. Wells Fargo & Company MN grew its stake in TD SYNNEX by 87.8% in the 4th quarter. Wells Fargo & Company MN now owns 251,382 shares of the business services provider's stock valued at $29,482,000 after buying an additional 117,546 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC bought a new position in TD SYNNEX in the 4th quarter valued at about $1,321,000. Envestnet Asset Management Inc. lifted its position in TD SYNNEX by 15.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 55,498 shares of the business services provider's stock worth $6,508,000 after acquiring an additional 7,410 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in TD SYNNEX by 9.2% during the fourth quarter. Quadrant Capital Group LLC now owns 1,068 shares of the business services provider's stock worth $125,000 after acquiring an additional 90 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling at TD SYNNEX

In other news, insider Alim Dhanji sold 1,257 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total value of $179,009.37. Following the completion of the transaction, the insider directly owned 10,984 shares of the company's stock, valued at $1,564,231.44. This represents a 10.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard T. Hume sold 63,310 shares of the company's stock in a transaction on Friday, June 27th. The shares were 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 of the company's stock, valued at $9,197,568.45. This trade represents a 48.39% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,076 shares of company stock valued at $8,992,884. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SNX shares. Wall Street Zen lowered TD SYNNEX from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a research report on Wednesday, June 25th. 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 note on Monday, June 30th. Finally, Barclays set a $140.00 price objective on shares of TD SYNNEX in a research note on Tuesday, June 24th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, TD SYNNEX currently has an average rating of "Moderate Buy" and a consensus target price of $149.30.

TD SYNNEX Price Performance

Shares of SNX traded up $3.13 during trading hours on Friday, reaching $146.61. The stock had a trading volume of 419,759 shares, compared to its average volume of 538,392. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.26. TD SYNNEX Corporation has a 12 month low of $92.23 and a 12 month high of $149.76. The stock has a market capitalization of $12.09 billion, a PE ratio of 17.13, a PEG ratio of 1.17 and a beta of 1.32. The company's 50-day moving average is $136.25 and its two-hundred day moving average is $128.20.

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 (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.28. The company had revenue of $14.95 billion during the quarter, compared to the consensus estimate of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm's revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.73 earnings per share. Research analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

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

TD SYNNEX 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.