TD SYNNEX Corporation $SNX Shares Sold by Concentric Capital Strategies LP

Key Points

• Concentric Capital Strategies LP cut its TD SYNNEX stake by 29% in the fourth quarter, selling 31,949 shares and ending with 78,194 shares valued at about $11.7 million.
• TD SYNNEX reported strong quarterly results, with earnings of $4.73 per share beating estimates by $1.49 and revenue of $17.16 billion, up 18.1% year over year.
• Analysts remain generally upbeat: the stock has a Moderate Buy consensus rating, with a consensus price target of $233.10, while some recent targets have been raised as high as $298.

Concentric Capital Strategies LP reduced its holdings in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 29.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,194 shares of the business services provider's stock after selling 31,949 shares during the quarter. Concentric Capital Strategies LP owned 0.10% of TD SYNNEX worth $11,747,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SNX. State Street Corp increased its stake in TD SYNNEX by 0.4% during the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock worth $388,535,000 after buying an additional 9,024 shares during the period. Ninety One UK Ltd boosted its position in TD SYNNEX by 13.1% in the 4th 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 last quarter. LSV Asset Management grew its stake in shares of TD SYNNEX by 16.1% during the fourth quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider's stock valued at $313,471,000 after acquiring an additional 288,625 shares in the last quarter. Geode Capital Management LLC increased its position in shares of TD SYNNEX by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock worth $230,315,000 after acquiring an additional 99,090 shares during the last quarter. Finally, Nuveen LLC lifted its stake in shares of TD SYNNEX by 3.8% in the fourth quarter. Nuveen LLC now owns 1,136,085 shares of the business services provider's stock worth $170,674,000 after acquiring an additional 41,679 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

TD SYNNEX Stock Up 0.7%

SNX stock opened at $284.01 on Thursday. TD SYNNEX Corporation has a fifty-two week low of $123.28 and a fifty-two week high of $291.01. 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 stock has a market cap of $22.83 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 1.16 and a beta of 1.43. The firm's 50-day simple moving average is $238.64 and its 200 day simple moving average is $186.14.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the prior year, the firm posted $2.80 earnings per share. The company's revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts predict that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 0.7%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX's dividend payout ratio is currently 15.96%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings raised TD SYNNEX from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. raised shares of TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target for the company in a research report on Wednesday, May 27th. Morgan Stanley upped their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Barrington Research reiterated an "outperform" rating on shares of TD SYNNEX in a research note on Tuesday. Finally, Barclays boosted their target price on shares of TD SYNNEX from $166.00 to $237.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, TD SYNNEX currently has a consensus rating of "Moderate Buy" and a consensus price target of $233.10.

Insiders Place Their Bets

In other TD SYNNEX news, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the transaction, the insider directly owned 10,820 shares of the company's stock, valued at $2,165,514.80. This represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard T. Hume sold 5,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the transaction, the director directly owned 23,537 shares in the company, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,250 shares of company stock worth $4,935,282 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

About TD SYNNEX

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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