TD SYNNEX Corporation (NYSE:SNX) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• TD SYNNEX Corporation has received an average rating of "Moderate Buy" from ten brokerages, with eight analysts issuing buy ratings and a twelve-month target price of $149.30.
• The company reported a quarterly earnings per share (EPS) of $2.99, exceeding estimates, and revenue growth of 7.2% year-over-year.
• TD SYNNEX recently paid a quarterly dividend of $0.44 per share, resulting in an annualized dividend yield of 1.20%.

Shares of TD SYNNEX Corporation (NYSE:SNX - Get Free Report) have been assigned an average rating of "Moderate Buy" from the ten analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $149.30.

A number of analysts have recently issued reports on SNX shares. Bank of America boosted their target price on TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday. Loop Capital raised their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Barclays set a $140.00 price target on TD SYNNEX in a report on Tuesday, June 24th. Morgan Stanley set a $155.00 price objective on TD SYNNEX and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $156.00 target price on shares of TD SYNNEX in a research report on Friday, July 11th.

Insiders Place Their Bets

In other news, Director Richard T. Hume sold 63,310 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $136.23, for a total transaction of $8,624,721.30. Following the completion of the transaction, the director directly owned 67,515 shares in the company, valued at approximately $9,197,568.45. This represents a 48.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Alim Dhanji sold 1,257 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total transaction of $179,009.37. Following the completion of the sale, the insider directly owned 10,984 shares in the company, valued at $1,564,231.44. This represents a 10.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,076 shares of company stock valued at $9,322,884 over the last 90 days. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

Several large investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its position in shares of TD SYNNEX by 30.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,961 shares of the business services provider's stock worth $465,000 after acquiring an additional 923 shares in the last quarter. Sei Investments Co. boosted its holdings in TD SYNNEX by 25.5% in the fourth quarter. Sei Investments Co. now owns 70,745 shares of the business services provider's stock worth $8,297,000 after purchasing an additional 14,379 shares during the period. LPL Financial LLC increased its stake in TD SYNNEX by 15.0% during the fourth quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock valued at $1,839,000 after purchasing an additional 2,050 shares during the last quarter. Vanguard Group Inc. increased its stake in TD SYNNEX by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 7,685,224 shares of the business services provider's stock valued at $901,323,000 after purchasing an additional 29,659 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of TD SYNNEX during the fourth quarter worth $269,000. Institutional investors own 84.00% of the company's stock.

TD SYNNEX Trading Up 0.7%

NYSE:SNX traded up $1.00 on Friday, reaching $147.96. The stock had a trading volume of 565,862 shares, compared to its average volume of 828,115. TD SYNNEX has a 12-month low of $92.23 and a 12-month high of $148.16. The company has a market cap of $12.20 billion, a price-to-earnings ratio of 17.29, a P/E/G ratio of 1.20 and a beta of 1.30. The firm's fifty day moving average is $131.88 and its two-hundred day moving average is $127.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The company had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same quarter in the prior year, the company posted $2.73 EPS. The business's revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts expect that TD SYNNEX will post 11.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.19%. TD SYNNEX's dividend payout ratio (DPR) is presently 20.56%.

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.