TD SYNNEX (NYSE:SNX) Hits New 1-Year High - Here's Why

Key Points

• TD SYNNEX's stock reached a new 52-week high, trading at $167.76, which reflects a surge in investor confidence and increased trading volume of over 1.2 million shares.
• Analysts are optimistic about TD SYNNEX, with multiple upgrades and a consensus price target of $169.55, indicating potential for further growth.
• A quarterly dividend of $0.44 per share has been declared, signaling financial stability with a modest payout ratio of 19.09%.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $167.76 and last traded at $163.67, with a volume of 1211933 shares changing hands. The stock had previously closed at $166.01.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SNX shares. Wall Street Zen raised TD SYNNEX from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Raymond James Financial set a $175.00 price target on TD SYNNEX in a report on Thursday, September 25th. Bank of America boosted their price target on TD SYNNEX from $170.00 to $180.00 and gave the company a "buy" rating in a report on Friday, September 26th. Barclays boosted their price target on TD SYNNEX from $140.00 to $164.00 and gave the company an "equal weight" rating in a report on Friday, September 26th. Finally, Barrington Research boosted their price target on TD SYNNEX from $156.00 to $182.00 and gave the company an "outperform" rating in a report on Monday. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $169.55.

TD SYNNEX Price Performance

The company has a quick ratio of 0.71, a current ratio of 1.20 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $13.50 billion, a PE ratio of 17.75, a PEG ratio of 1.35 and a beta of 1.35. The company has a 50-day moving average of $149.26 and a 200 day moving average of $131.28.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, October 17th. TD SYNNEX's payout ratio is presently 19.09%.

Insider Buying and Selling

In related news, CFO Marshall Witt sold 861 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $149.84, for a total transaction of $129,012.24. Following the completion of the sale, the chief financial officer directly owned 49,777 shares in the company, valued at approximately $7,458,585.68. The trade was a 1.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann F. Vezina sold 812 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total value of $122,141.04. Following the sale, the director owned 6,079 shares of the company's stock, valued at $914,403.18. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,930 shares of company stock worth $430,163. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of TD SYNNEX

Several large investors have recently added to or reduced their stakes in SNX. Nuveen LLC purchased a new stake in TD SYNNEX in the 1st quarter valued at $121,259,000. Norges Bank purchased a new stake in TD SYNNEX in the 2nd quarter valued at $124,618,000. Metropolis Capital Ltd purchased a new stake in TD SYNNEX in the 2nd quarter valued at $115,168,000. Vanguard Group Inc. grew its holdings in TD SYNNEX by 10.1% in the 2nd quarter. Vanguard Group Inc. now owns 8,248,639 shares of the business services provider's stock valued at $1,119,340,000 after buying an additional 759,022 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in TD SYNNEX by 16.9% in the 1st quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider's stock valued at $405,441,000 after buying an additional 564,473 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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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