TD SYNNEX Corporation $SNX Stake Cut by Anchor Capital Advisors LLC

Key Points

• Anchor Capital Advisors cut its TD SYNNEX stake by 13.8% in the fourth quarter, selling 46,882 shares and leaving it with 293,565 shares worth about $44.1 million.
• Insider selling continued recently, with Director Richard T. Hume and CFO David Gregory Jordan both trimming their positions; insiders sold 16,250 shares over the last 90 days.
• Analysts remain upbeat on SNX after strong quarterly results, including earnings of $4.73 per share and revenue of $17.16 billion, with several firms raising price targets and the stock carrying a consensus Buy rating.

Anchor Capital Advisors LLC reduced its stake in shares of TD SYNNEX Corporation (NYSE:SNX - Free Report) by 13.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 293,565 shares of the business services provider's stock after selling 46,882 shares during the quarter. Anchor Capital Advisors LLC owned approximately 0.36% of TD SYNNEX worth $44,102,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Concentric Capital Strategies LP bought a new stake in shares of TD SYNNEX during the 3rd quarter worth about $18,036,000. Envestnet Asset Management Inc. raised its stake in shares of TD SYNNEX by 11.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider's stock valued at $13,587,000 after acquiring an additional 8,264 shares in the last quarter. Fieldview Capital Management LLC acquired a new stake in TD SYNNEX in the 3rd quarter worth approximately $1,318,000. Citigroup Inc. boosted its position in TD SYNNEX by 12.0% during the third quarter. Citigroup Inc. now owns 83,103 shares of the business services provider's stock worth $13,608,000 after purchasing an additional 8,914 shares during the period. Finally, Algert Global LLC bought a new stake in TD SYNNEX during the third quarter worth approximately $7,140,000. Hedge funds and other institutional investors own 84.00% of the company's stock.

Insider Activity

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the transaction, the director directly owned 28,537 shares in the company, valued at approximately $6,550,382.98. This represents a 14.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the transaction, the chief financial officer directly owned 14,035 shares in the company, valued at $2,659,071.10. This trade represents a 18.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,250 shares of company stock valued at $3,533,382. Company insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SNX. UBS Group raised their target price on shares of TD SYNNEX from $193.00 to $265.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. 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. JPMorgan Chase & Co. raised TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target on the stock in a research report on Wednesday, May 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of TD SYNNEX in a research note on Monday, May 4th. Finally, Royal Bank Of Canada boosted their price objective on TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $212.60.

TD SYNNEX Price Performance

Shares of SNX stock opened at $279.67 on Wednesday. The company has a market capitalization of $22.48 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.17 and a beta of 1.43. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. TD SYNNEX Corporation has a 12 month low of $118.90 and a 12 month high of $286.25. The stock has a 50 day moving average of $212.80 and a two-hundred day moving average of $175.31.

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 (EPS) for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company's quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.80 earnings per share. As a group, equities analysts expect that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Announces Dividend

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

TD SYNNEX Company 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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