TD SYNNEX (NYSE:SNX) Downgraded by Wall Street Zen to Hold

Key Points

• TD SYNNEX was downgraded from a "buy" to a "hold" rating by Wall Street Zen, reflecting changes in analyst sentiment regarding the company's stock.
• The average target price for TD SYNNEX shares is $149.30, with conflicting ratings from various analysts, including three hold and eight buy ratings.
• In recent trading, shares of TD SYNNEX have been volatile, opening at $140.58 and demonstrating strong year-over-year revenue growth of 7.2%.

Wall Street Zen lowered shares of TD SYNNEX (NYSE:SNX - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

Several other brokerages have also recently commented on SNX. Barclays set a $140.00 target price on shares of TD SYNNEX in a report on Tuesday, June 24th. Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 price target on shares of TD SYNNEX in a research report on Wednesday, June 25th. Bank of America increased their price target on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Loop Capital increased their price target on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Finally, Barrington Research reissued an "outperform" rating and issued a $156.00 price target on shares of TD SYNNEX in a research report on Friday, July 11th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, TD SYNNEX has a consensus rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Stock Performance

Shares of SNX stock traded down $0.25 during trading hours on Friday, reaching $141.92. The stock had a trading volume of 192,327 shares, compared to its average volume of 813,772. The firm has a market capitalization of $11.70 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.15 and a beta of 1.32. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. The firm has a 50-day simple moving average of $134.61 and a 200-day simple moving average of $127.92. TD SYNNEX has a twelve month low of $92.23 and a twelve month high of $149.76.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The company had revenue of $14.95 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same quarter last year, the firm posted $2.73 EPS. The business's revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that TD SYNNEX will post 11.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.2%. TD SYNNEX's dividend payout ratio (DPR) is currently 20.56%.

Insider Activity

In other news, CFO Marshall Witt sold 1,509 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total value of $189,153.15. Following the sale, the chief financial officer owned 49,563 shares in the company, valued at approximately $6,212,722.05. This trade represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 63,310 shares of the firm's stock in a transaction 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 sale, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,076 shares of company stock valued at $8,992,884 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors have recently bought and sold shares of the business. Versor Investments LP boosted its stake in TD SYNNEX by 27.5% during the second quarter. Versor Investments LP now owns 10,886 shares of the business services provider's stock worth $1,477,000 after buying an additional 2,349 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in TD SYNNEX by 2.0% during the second quarter. GHP Investment Advisors Inc. now owns 15,340 shares of the business services provider's stock worth $2,082,000 after buying an additional 306 shares in the last quarter. Kesler Norman & Wride LLC boosted its stake in TD SYNNEX by 6.3% during the second quarter. Kesler Norman & Wride LLC now owns 8,314 shares of the business services provider's stock worth $1,129,000 after buying an additional 494 shares in the last quarter. Uniting Wealth Partners LLC acquired a new stake in TD SYNNEX during the second quarter worth $206,000. Finally, Atria Investments Inc boosted its stake in TD SYNNEX by 33.8% during the second quarter. Atria Investments Inc now owns 5,156 shares of the business services provider's stock worth $700,000 after buying an additional 1,302 shares in the last quarter. 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.