TD SYNNEX (NYSE:SNX) Reaches New 12-Month High Following Analyst Upgrade

Shares of TD SYNNEX Co. (NYSE:SNX - Get Free Report) reached a new 52-week high during trading on Wednesday after Bank of America raised their price target on the stock from $120.00 to $140.00. Bank of America currently has a buy rating on the stock. TD SYNNEX traded as high as $116.91 and last traded at $116.71, with a volume of 44707 shares traded. The stock had previously closed at $116.43.

Other analysts have also recently issued reports about the stock. Barclays boosted their price objective on shares of TD SYNNEX from $111.00 to $118.00 and gave the company an "equal weight" rating in a research note on Wednesday, March 27th. JPMorgan Chase & Co. boosted their price objective on shares of TD SYNNEX from $113.00 to $126.00 and gave the company a "neutral" rating in a research note on Monday. Royal Bank of Canada reissued a "sector perform" rating and set a $118.00 price objective (up from $110.00) on shares of TD SYNNEX in a research note on Wednesday, March 27th. Barrington Research boosted their price objective on shares of TD SYNNEX from $122.00 to $138.00 and gave the company an "outperform" rating in a research note on Thursday, March 28th. Finally, Cfra boosted their price objective on shares of TD SYNNEX from $110.00 to $113.00 and gave the company a "hold" rating in a research note on Tuesday, March 26th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $118.18.

Insiders Place Their Bets

In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the business's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $105.57, for a total value of $1,055,700.00. Following the transaction, the chief executive officer now owns 229,363 shares in the company, valued at approximately $24,213,851.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael Urban sold 4,355 shares of the company's stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $107.00, for a total value of $465,985.00. Following the sale, the insider now owns 20,270 shares in the company, valued at approximately $2,168,890. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard T. Hume sold 10,000 shares of the company's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $105.57, for a total transaction of $1,055,700.00. Following the completion of the sale, the chief executive officer now owns 229,363 shares in the company, valued at approximately $24,213,851.91. The disclosure for this sale can be found here. Insiders have sold 2,289,905 shares of company stock worth $232,556,362 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors have recently modified their holdings of the stock. Pineridge Advisors LLC acquired a new stake in shares of TD SYNNEX in the 4th quarter valued at about $33,000. Nomura Asset Management Co. Ltd. raised its stake in shares of TD SYNNEX by 95.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 410 shares of the business services provider's stock valued at $40,000 after purchasing an additional 200 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of TD SYNNEX in the 1st quarter valued at about $51,000. Covestor Ltd grew its position in shares of TD SYNNEX by 91.5% during the 1st quarter. Covestor Ltd now owns 697 shares of the business services provider's stock valued at $72,000 after buying an additional 333 shares during the last quarter. Finally, Gladius Capital Management LP grew its position in shares of TD SYNNEX by 50.8% during the 3rd quarter. Gladius Capital Management LP now owns 742 shares of the business services provider's stock valued at $75,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

TD SYNNEX Trading Up 1.5 %

The company has a current ratio of 1.22, a quick ratio of 0.75 and a debt-to-equity ratio of 0.38. The business's 50-day moving average is $104.36 and its two-hundred day moving average is $101.44. The firm has a market cap of $10.53 billion, a P/E ratio of 17.16, a P/E/G ratio of 1.01 and a beta of 1.64.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.57. TD SYNNEX had a net margin of 1.12% and a return on equity of 12.16%. The business had revenue of $14.41 billion during the quarter, compared to the consensus estimate of $14.54 billion. During the same quarter in the prior year, the firm earned $3.30 EPS. The company's revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, analysts expect that TD SYNNEX Co. will post 11.17 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, April 11th. TD SYNNEX's dividend payout ratio is presently 23.22%.

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.