TD SYNNEX Corporation (NYSE:SNX) Shares Sold by Lyrical Asset Management LP

Key Points

• Lyrical Asset Management LP reduced its stakes in TD SYNNEX by 1.4%, now holding approximately 1.27 million shares, accounting for 2.0% of its portfolio.
• TD SYNNEX reported earnings of $2.99 per share for the last quarter, surpassing expectations, with total revenue reaching $14.95 billion, an increase of 7.2% year-over-year.
• The company declared a quarterly dividend of $0.44, representing an annualized yield of 1.1%, with a payout ratio of 20.56%.

Lyrical Asset Management LP reduced its position in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,270,865 shares of the business services provider's stock after selling 17,498 shares during the period. TD SYNNEX makes up about 2.0% of Lyrical Asset Management LP's investment portfolio, making the stock its 23rd biggest position. Lyrical Asset Management LP owned approximately 1.51% of TD SYNNEX worth $132,119,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LPL Financial LLC lifted its position in TD SYNNEX by 15.0% during 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 in the last quarter. 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 valued at $6,508,000 after purchasing an additional 7,410 shares in the last quarter. Cerity Partners LLC lifted its position in shares of TD SYNNEX by 0.8% in the fourth quarter. Cerity Partners LLC now owns 16,923 shares of the business services provider's stock valued at $2,001,000 after acquiring an additional 131 shares in the last quarter. Bank of Montreal Can lifted its position in shares of TD SYNNEX by 12.9% in the fourth quarter. Bank of Montreal Can now owns 9,147 shares of the business services provider's stock valued at $1,073,000 after acquiring an additional 1,047 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after acquiring an additional 152 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Alim Dhanji sold 1,257 shares of the firm's stock in a transaction 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 sale, the insider owned 10,984 shares of the company's stock, valued at $1,564,231.44. This trade represents a 10.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard T. Hume sold 63,310 shares of the firm'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 completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $9,115,025 over the last quarter. Insiders own 1.00% of the company's stock.

TD SYNNEX Trading Down 2.3%

NYSE:SNX traded down $3.49 during midday trading on Friday, hitting $147.40. The stock had a trading volume of 743,874 shares, compared to its average volume of 533,662. TD SYNNEX Corporation has a one year low of $92.23 and a one year high of $153.70. The company has a market capitalization of $12.16 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 1.20 and a beta of 1.32. The stock has a 50-day moving average of $139.01 and a 200 day moving average of $128.37. 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 announced its earnings results 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 business had revenue of $14.95 billion for the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The business's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.73 EPS. As a group, sell-side analysts forecast that TD SYNNEX Corporation will post 11.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a 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%.

Analysts Set New Price Targets

SNX has been the topic of several research reports. JPMorgan Chase & Co. lifted their target price on TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Loop Capital upped their price objective on TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Barrington Research restated an "outperform" rating and set a $156.00 price objective on shares of TD SYNNEX in a research report on Friday, July 11th. Bank of America upped their price objective on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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.