TD SYNNEX (NYSE:SNX) Director Sells $1,401,900.00 in Stock

Key Points

• Director Richard Hume sold 5,000 TD SYNNEX shares on June 2 for about $1.4 million, reducing his ownership by 17.52%. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• TD SYNNEX reported strong quarterly results, posting EPS of $4.73 versus the $3.24 consensus estimate and revenue of $17.16 billion, well above expectations. Revenue rose 18.1% year over year.
• Wall Street remains generally positive on SNX, with nine Buy ratings and two Hold ratings and a consensus target price of $212.60. The stock has also rallied near its 12-month high, recently trading around $278.72.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) Director Richard Hume sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the sale, the director owned 23,537 shares in the company, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

TD SYNNEX Stock Performance

Shares of SNX traded down $0.61 on Wednesday, reaching $278.72. 703,341 shares of the stock traded hands, compared to its average volume of 796,715. The firm has a market cap of $22.41 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 1.17 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. TD SYNNEX Corporation has a 12 month low of $120.19 and a 12 month high of $286.25. The stock's 50-day moving average price is $212.80 and its 200-day moving average price is $175.31.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. The business had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.TD SYNNEX's quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.80 earnings per share. Equities analysts forecast that TD SYNNEX Corporation will post 15.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX's dividend payout ratio is 15.96%.

Hedge Funds Weigh In On TD SYNNEX

Large investors have recently made changes to their positions in the company. State Street Corp lifted its stake in TD SYNNEX by 0.4% in the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock valued at $388,535,000 after buying an additional 9,024 shares during the period. Ninety One UK Ltd lifted its stake in TD SYNNEX by 13.1% in the fourth quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock valued at $334,876,000 after buying an additional 258,630 shares during the period. LSV Asset Management lifted its stake in TD SYNNEX by 16.1% in the fourth quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider's stock valued at $313,471,000 after buying an additional 288,625 shares during the period. Geode Capital Management LLC lifted its stake in TD SYNNEX by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock valued at $230,315,000 after buying an additional 99,090 shares during the period. Finally, Metropolis Capital Ltd lifted its stake in TD SYNNEX by 9.5% in the first quarter. Metropolis Capital Ltd now owns 1,281,307 shares of the business services provider's stock valued at $216,169,000 after buying an additional 111,222 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

Wall Street Analysts Forecast Growth

SNX has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price target on TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Zacks Research cut TD SYNNEX from a "strong-buy" rating to a "hold" rating in a research report on Monday. Barrington Research reiterated an "outperform" rating and issued a $182.00 price target on shares of TD SYNNEX in a research report on Friday, March 27th. JPMorgan Chase & Co. upgraded TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target on the stock in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada upped their price target on TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $212.60.

TD SYNNEX Company Profile

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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