Royal Bank of Canada Lowers TD SYNNEX (NYSE:SNX) Price Target to $145.00

TD SYNNEX (NYSE:SNX - Free Report) had its target price cut by Royal Bank of Canada from $165.00 to $145.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the business services provider's stock.

A number of other research analysts have also recently issued reports on the stock. Barclays reduced their price objective on shares of TD SYNNEX from $148.00 to $125.00 and set an "equal weight" rating for the company in a report on Friday, March 28th. Cfra dropped their target price on TD SYNNEX from $147.00 to $132.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Barrington Research reissued an "outperform" rating and issued a $156.00 price target on shares of TD SYNNEX in a research report on Friday, March 28th. The Goldman Sachs Group reduced their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of TD SYNNEX from $150.00 to $125.00 and set a "neutral" rating for the company in a research report on Friday, March 28th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $137.22.

TD SYNNEX Stock Up 1.2 %

Shares of TD SYNNEX stock traded up $1.26 during trading on Friday, reaching $104.43. 461,184 shares of the company traded hands, compared to its average volume of 752,435. TD SYNNEX has a 1-year low of $92.23 and a 1-year high of $145.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a market capitalization of $8.76 billion, a PE ratio of 13.12, a P/E/G ratio of 1.06 and a beta of 1.36. The company has a 50 day moving average price of $124.65 and a 200-day moving average price of $124.20.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.87 by ($0.07). TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The firm had revenue of $14.53 billion during the quarter, compared to the consensus estimate of $14.79 billion. During the same quarter in the previous year, the company posted $2.99 EPS. The firm's revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts expect that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.69%. The ex-dividend date is Friday, April 11th. TD SYNNEX's dividend payout ratio (DPR) is currently 21.97%.

Insider Buying and Selling at TD SYNNEX

In other news, CFO Marshall Witt sold 1,510 shares of the company's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total transaction of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares in the company, valued at $6,383,891.44. This represents a 2.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard T. Hume sold 20,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $135.88, for a total transaction of $2,717,600.00. Following the transaction, the director now directly owns 65,480 shares of the company's stock, valued at approximately $8,897,422.40. This represents a 23.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,172 shares of company stock valued at $4,000,861 over the last three months. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Arizona State Retirement System raised its holdings in shares of TD SYNNEX by 0.4% in the 4th quarter. Arizona State Retirement System now owns 22,225 shares of the business services provider's stock valued at $2,607,000 after acquiring an additional 78 shares in the last quarter. Quadrant Capital Group LLC grew its stake in TD SYNNEX by 9.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,068 shares of the business services provider's stock worth $125,000 after buying an additional 90 shares in the last quarter. Ellevest Inc. increased its holdings in shares of TD SYNNEX by 3.9% in the 4th quarter. Ellevest Inc. now owns 2,384 shares of the business services provider's stock worth $280,000 after buying an additional 90 shares during the last quarter. Utah Retirement Systems lifted its holdings in shares of TD SYNNEX by 2.5% during the 4th quarter. Utah Retirement Systems now owns 4,100 shares of the business services provider's stock worth $481,000 after acquiring an additional 100 shares during the last quarter. Finally, Amundi increased its stake in TD SYNNEX by 22.3% in the fourth quarter. Amundi now owns 560 shares of the business services provider's stock valued at $66,000 after acquiring an additional 102 shares during the last quarter. Institutional investors own 84.00% of the company's stock.

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.