TD SYNNEX (NYSE:SNX) Sees Unusually-High Trading Volume on Analyst Upgrade

TD SYNNEX Co. (NYSE:SNX - Get Free Report) shares saw strong trading volume on Tuesday 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. 1,665,606 shares changed hands during mid-day trading, an increase of 100% from the previous session's volume of 831,601 shares.The stock last traded at $115.92 and had previously closed at $112.74.

Other analysts have also recently issued research reports about the company. Barclays lifted their target price on TD SYNNEX from $111.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 27th. JPMorgan Chase & Co. lifted their price objective on TD SYNNEX from $113.00 to $126.00 and gave the company a "neutral" rating in a report on Monday. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $118.00 price objective (up previously from $110.00) on shares of TD SYNNEX in a report on Wednesday, March 27th. StockNews.com upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Thursday, December 21st. Finally, Cfra boosted their price target on TD SYNNEX from $110.00 to $113.00 and gave the company a "hold" rating in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $118.18.

Insider Activity

In related news, CEO Richard T. Hume sold 10,000 shares of the firm'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 directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX 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 sale, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of TD SYNNEX stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the transaction, the insider now directly owns 26,153,049 shares of the company's stock, valued at $2,654,534,473.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,289,905 shares of company stock worth $232,556,362. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of TD SYNNEX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Apollo Management Holdings L.P. bought a new position in shares of TD SYNNEX in the first quarter valued at about $3,622,519,000. Pacer Advisors Inc. increased its holdings in TD SYNNEX by 33,158.8% in the 4th quarter. Pacer Advisors Inc. now owns 1,336,005 shares of the business services provider's stock valued at $143,767,000 after buying an additional 1,331,988 shares during the period. Norges Bank bought a new stake in shares of TD SYNNEX during the 4th quarter valued at approximately $79,506,000. AQR Capital Management LLC grew its holdings in shares of TD SYNNEX by 330.6% during the 1st quarter. AQR Capital Management LLC now owns 679,948 shares of the business services provider's stock valued at $64,738,000 after purchasing an additional 522,055 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in TD SYNNEX by 7.4% during the 4th quarter. Vanguard Group Inc. now owns 5,379,928 shares of the business services provider's stock worth $578,934,000 after buying an additional 371,322 shares during the period. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Stock Up 3.3 %

The stock's 50-day moving average price is $103.91 and its 200-day moving average price is $101.22. The stock has a market cap of $10.37 billion, a price-to-earnings ratio of 16.36, a P/E/G ratio of 1.01 and a beta of 1.64. The company has a current ratio of 1.22, a quick ratio of 0.75 and a debt-to-equity ratio of 0.38.

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

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Thursday, April 11th. TD SYNNEX's payout ratio is 23.22%.

TD SYNNEX Company Profile

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.