TD SYNNEX Corporation (NYSE:SNX) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is positive: TD SYNNEX has a consensus rating of “Moderate Buy” from 11 analysts, with nine buy ratings and two hold ratings. The average 1-year price target is $233.10.
• Recent financial results beat expectations: The company reported $4.73 EPS on $17.16 billion in revenue for the latest quarter, both above estimates. Revenue rose 18.1% year over year, and analysts expect full-year EPS of 15.88.
• Shares are trading near highs amid insider selling: TD SYNNEX stock recently opened at $281.78, close to its 52-week high of $288.50. Insiders have sold shares in recent months, while hedge funds and other institutions own about 84% of the stock.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) has received an average rating of "Moderate Buy" from the eleven ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $233.10.

SNX has been the subject of a number of research analyst reports. Wall Street Zen upgraded TD SYNNEX from a "hold" rating to a "buy" rating in a report on Saturday, February 21st. Barclays upped their target price on shares of TD SYNNEX from $166.00 to $237.00 and gave the company an "equal weight" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target for the company in a research report on Wednesday, May 27th. Barrington Research reissued an "outperform" rating on shares of TD SYNNEX in a research note on Tuesday. Finally, Zacks Research lowered shares of TD SYNNEX from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $281.78 on Wednesday. The company has a fifty day simple moving average of $236.81 and a 200-day simple moving average of $185.21. The firm has a market capitalization of $22.65 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 1.17 and a beta of 1.43. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. TD SYNNEX has a 52-week low of $123.28 and a 52-week high of $288.50.

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 for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. During the same period last year, the firm posted $2.80 earnings per share. The company's revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts anticipate that TD SYNNEX will post 15.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 annualized dividend and a yield of 0.7%. TD SYNNEX's dividend payout ratio is presently 15.96%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the sale, the director directly owned 23,537 shares in the company, valued at $6,599,304.06. This represents a 17.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the firm's stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the completion of the transaction, the insider directly owned 10,820 shares of the company's stock, valued at $2,165,514.80. This represents a 21.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 21,250 shares of company stock worth $4,935,282 in the last three months. 0.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ossiam raised its holdings in TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Dorato Capital Management acquired a new position in TD SYNNEX during the 4th quarter worth approximately $27,000. Measured Wealth Private Client Group LLC acquired a new position in TD SYNNEX during the 3rd quarter worth approximately $30,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of TD SYNNEX in the 4th quarter valued at approximately $28,000. Finally, SJS Investment Consulting Inc. raised its holdings in shares of TD SYNNEX by 44.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock valued at $34,000 after purchasing an additional 62 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

About TD SYNNEX

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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