TD SYNNEX (NYSE:SNX) Shares Gap Down to $116.00

TD SYNNEX Co. (NYSE:SNX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $116.00, but opened at $110.25. TD SYNNEX shares last traded at $112.08, with a volume of 1,329,702 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNX. JPMorgan Chase & Co. lowered shares of TD SYNNEX from an "overweight" rating to a "neutral" rating and lifted their price target for the company from $112.00 to $113.00 in a report on Monday, January 8th. Barclays upped their price target on shares of TD SYNNEX from $111.00 to $118.00 and gave the stock an "equal weight" rating in a report on Wednesday. Cfra raised their price objective on TD SYNNEX from $110.00 to $113.00 and gave the company a "hold" rating in a report on Tuesday. StockNews.com raised TD SYNNEX from a "hold" rating to a "buy" rating in a report on Thursday, December 21st. Finally, Barrington Research lifted their price target on TD SYNNEX from $122.00 to $138.00 and gave the company an "outperform" rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $116.00.

TD SYNNEX Price Performance

The company has a market capitalization of $10.07 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 1.63. The company has a current ratio of 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38. The firm has a fifty day moving average of $103.43 and a 200 day moving average of $100.94.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings results on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, topping analysts' consensus estimates of $2.56 by $0.57. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The company had revenue of $14.41 billion for the quarter, compared to analysts' expectations of $14.54 billion. During the same period in the previous year, the firm earned $3.30 EPS. The firm's revenue was down 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that TD SYNNEX Co. will post 11.17 EPS for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.60 annualized dividend and a yield of 1.42%. TD SYNNEX's payout ratio is 23.22%.

Insiders Place Their Bets

In other news, Director Fred A. Breidenbach sold 3,849 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $103.61, for a total value of $398,794.89. Following the sale, the director now directly owns 18,148 shares in the company, valued at $1,880,314.28. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Fred A. Breidenbach sold 3,849 shares of TD SYNNEX stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $103.61, for a total transaction of $398,794.89. Following the completion of the sale, the director now owns 18,148 shares in the company, valued at approximately $1,880,314.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Urban sold 5,000 shares of the company's stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $103.67, for a total transaction of $518,350.00. Following the completion of the transaction, the insider now owns 36,131 shares in the company, valued at $3,745,700.77. The disclosure for this sale can be found here. Insiders sold a total of 2,289,905 shares of company stock valued at $232,556,362 over the last 90 days. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Diversified Trust Co boosted its stake in TD SYNNEX by 15.9% in the fourth quarter. Diversified Trust Co now owns 2,989 shares of the business services provider's stock valued at $322,000 after acquiring an additional 409 shares in the last quarter. Raymond James Trust N.A. grew its stake in TD SYNNEX by 9.0% during the 4th quarter. Raymond James Trust N.A. now owns 3,613 shares of the business services provider's stock worth $389,000 after buying an additional 297 shares during the last quarter. Signaturefd LLC increased its position in TD SYNNEX by 28.9% during the 3rd quarter. Signaturefd LLC now owns 954 shares of the business services provider's stock valued at $95,000 after buying an additional 214 shares in the last quarter. Vanguard Group Inc. raised its stake in TD SYNNEX by 4.0% in the third quarter. Vanguard Group Inc. now owns 5,008,606 shares of the business services provider's stock valued at $500,159,000 after buying an additional 193,198 shares during the last quarter. Finally, Ceredex Value Advisors LLC acquired a new stake in TD SYNNEX in the third quarter worth about $13,975,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.