TD SYNNEX Corporation $SNX Shares Acquired by LSV Asset Management

Key Points

• LSV Asset Management boosted its TD SYNNEX stake by 16.1% in the fourth quarter, buying 288,625 more shares and bringing its total holding to 2.09 million shares worth about $313.5 million.
• TD SYNNEX reported strong quarterly results, posting EPS of $4.73 versus the $3.24 consensus estimate and revenue of $17.16 billion, with sales up 18.1% year over year.
• The company also declared a quarterly dividend of $0.48 per share, while analysts maintain a Moderate Buy view with an average price target of $197.70.

LSV Asset Management grew its holdings in TD SYNNEX Corporation (NYSE:SNX - Free Report) by 16.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,086,604 shares of the business services provider's stock after purchasing an additional 288,625 shares during the quarter. LSV Asset Management owned approximately 2.59% of TD SYNNEX worth $313,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp lifted its stake in shares of TD SYNNEX by 0.4% during the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock valued at $388,535,000 after buying an additional 9,024 shares during the period. Ninety One UK Ltd lifted its stake in shares of TD SYNNEX by 13.1% during the fourth quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock valued at $334,876,000 after buying an additional 258,630 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of TD SYNNEX by 0.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,000,942 shares of the business services provider's stock valued at $150,371,000 after buying an additional 8,163 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of TD SYNNEX during the third quarter valued at approximately $135,631,000. Finally, Victory Capital Management Inc. lifted its stake in shares of TD SYNNEX by 123.6% during the third quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider's stock valued at $119,263,000 after buying an additional 402,573 shares during the period. Hedge funds and other institutional investors own 84.00% of the company's stock.

TD SYNNEX Stock Performance

NYSE:SNX opened at $237.30 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. The company has a market cap of $19.08 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.01 and a beta of 1.40. TD SYNNEX Corporation has a fifty-two week low of $118.35 and a fifty-two week high of $242.49. The firm's 50 day moving average is $201.21 and its two-hundred day moving average is $171.01.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. TD SYNNEX's revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.80 earnings per share. Analysts expect that TD SYNNEX Corporation will post 15.69 EPS for the current year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX's dividend payout ratio is 15.96%.

Insider Buying and Selling at TD SYNNEX

In related news, Director Merline Saintil sold 167 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $157.75, for a total transaction of $26,344.25. Following the completion of the sale, the director directly owned 6,995 shares of the company's stock, valued at approximately $1,103,461.25. This represents a 2.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Gregory Jordan sold 3,225 shares of the company's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer directly owned 14,035 shares of the company's stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,417 shares of company stock valued at $3,559,726 in the last quarter. Company insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

SNX has been the topic of several recent analyst reports. Barrington Research reissued an "outperform" rating and set a $182.00 price objective on shares of TD SYNNEX in a research note on Friday, March 27th. JPMorgan Chase & Co. upped their price objective on shares of TD SYNNEX from $185.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Royal Bank Of Canada upped their price objective on shares of TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, April 30th. Weiss Ratings reissued a "buy (b)" rating on shares of TD SYNNEX in a research note on Monday, May 4th. Finally, Morgan Stanley upped their price objective on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $197.70.

TD SYNNEX Profile

TD SYNNEX NYSE: SNX is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company's core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.

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