TD SYNNEX Corporation to Issue Quarterly Dividend of $0.44 (NYSE:SNX)

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) declared a quarterly dividend on Tuesday, June 24th, RTT News reports. Shareholders of record on Friday, July 11th will be given a dividend of 0.44 per share by the business services provider on Friday, July 25th. This represents a $1.76 annualized dividend and a yield of 1.38%.

TD SYNNEX has a dividend payout ratio of 13.2% meaning its dividend is sufficiently covered by earnings. Analysts expect TD SYNNEX to earn $13.62 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 12.9%.

TD SYNNEX Price Performance

Shares of SNX stock opened at $127.75 on Tuesday. TD SYNNEX has a twelve month low of $92.23 and a twelve month high of $145.10. The company has a current ratio of 1.27, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $118.72 and a two-hundred day simple moving average of $124.02. The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.06 and a beta of 1.29.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data 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 net margin of 1.16% and a return on equity of 11.54%. During the same period last year, the firm earned $2.73 earnings per share. The company's revenue was up 7.2% compared to the same quarter last year. On average, analysts predict that TD SYNNEX will post 11.88 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on SNX shares. Morgan Stanley began coverage on shares of TD SYNNEX in a research note on Wednesday, June 11th. They issued an "overweight" rating and a $145.00 price objective for the company. The Goldman Sachs Group reduced their price target on TD SYNNEX from $154.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Royal Bank Of Canada dropped their price objective on TD SYNNEX from $165.00 to $145.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. cut their target price on TD SYNNEX from $125.00 to $120.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen lowered shares of TD SYNNEX from a "buy" rating to a "hold" rating in a research report on Wednesday, March 26th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.00.

Insider Activity

In other news, insider Miriam Anne Murphy sold 3,000 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total transaction of $330,000.00. Following the sale, the insider now directly owns 14,883 shares of the company's stock, valued at $1,637,130. The trade was a 16.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marshall Witt sold 1,509 shares of TD SYNNEX stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total value of $189,153.15. Following the sale, the chief financial officer now directly owns 49,563 shares of the company's stock, valued at approximately $6,212,722.05. This represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently bought and sold shares of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in TD SYNNEX by 9.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider's stock valued at $1,749,000 after acquiring an additional 1,460 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of TD SYNNEX by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider's stock worth $18,631,000 after purchasing an additional 9,815 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in TD SYNNEX by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider's stock valued at $21,226,000 after purchasing an additional 12,615 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

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.

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