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

Key Points

• TD SYNNEX (SNX) hit a new 52-week high of $234.99 (last trade $233.51) on Tuesday with about 78,685 shares changing hands.
• Multiple firms raised price targets—UBS to $265 and RBC to $250, with Morgan Stanley and JPMorgan also increasing theirs—while MarketBeat's consensus remains a Moderate Buy with an average target of $197.70.
• The company posted a strong quarter, beating estimates with EPS of $4.73 vs. $3.24 expected and revenue of $17.16 billion (up 18.1% YoY), and paid a $0.48 quarterly dividend (annualized yield ~0.8%).

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $234.99 and last traded at $233.5130, with a volume of 78685 shares trading hands. The stock had previously closed at $227.84.

Analysts Set New Price Targets

SNX has been the topic of a number of recent research reports. Morgan Stanley increased their target price on TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Weiss Ratings reiterated a "buy (b-)" rating on shares of TD SYNNEX in a research note on Wednesday, January 21st. Royal Bank Of Canada raised their price objective on shares of TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on shares of TD SYNNEX from $185.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Finally, UBS Group increased their price target on shares of TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $197.70.

TD SYNNEX Stock Performance

The company has a market capitalization of $18.72 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.15 and a beta of 1.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The business's fifty day simple moving average is $180.17 and its 200-day simple moving average is $163.43.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business's quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.80 earnings per share. As a group, equities analysts anticipate that TD SYNNEX Corporation will post 15.69 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, April 15th. TD SYNNEX's dividend payout ratio is currently 15.96%.

Insider Buying and Selling at TD SYNNEX

In related news, Director Merline Saintil sold 167 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $157.75, for a total value of $26,344.25. Following the sale, the director owned 6,995 shares in the company, valued at approximately $1,103,461.25. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the transaction, the insider owned 10,820 shares of the company's stock, valued at $2,165,514.80. This trade represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 20,317 shares of company stock valued at $3,627,599. 0.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

Several institutional investors have recently modified their holdings of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in TD SYNNEX by 9.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider's stock worth $1,749,000 after buying an additional 1,460 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of TD SYNNEX by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider's stock valued at $18,631,000 after acquiring an additional 9,815 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of TD SYNNEX by 6.6% in the 1st 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 worth $21,226,000 after acquiring an additional 12,615 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of TD SYNNEX during the 2nd quarter worth about $818,000. Finally, EverSource Wealth Advisors LLC grew its holdings in TD SYNNEX by 17.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 852 shares of the business services provider's stock valued at $116,000 after purchasing an additional 126 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

About TD SYNNEX

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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