TD SYNNEX (NYSE:SNX) Hits New 12-Month High Following Dividend Announcement

Key Points

• TD SYNNEX's stock reached a new 12-month high of $155.99 following the announcement of a $0.44 dividend, set to be paid on October 31st.
• JPMorgan and Morgan Stanley have recently increased their price targets for TD SYNNEX, with Morgan Stanley setting a target of $173.00, reflecting increased analyst optimism.
• Insider trading activity showed CFO Marshall Witt sold shares valued at over $129,000, indicating some profit-taking by company executives.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report)'s share price hit a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $155.06 and last traded at $155.99, with a volume of 1157892 shares traded. The stock had previously closed at $150.34.The newly announced dividend which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 1.1%. TD SYNNEX's payout ratio is 20.56%.

Analyst Ratings Changes

SNX has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Barclays set a $140.00 price objective on shares of TD SYNNEX in a research report on Tuesday, June 24th. Morgan Stanley upped their target price on shares of TD SYNNEX from $155.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, September 18th. Barrington Research reaffirmed an "outperform" rating and issued a $156.00 price target on shares of TD SYNNEX in a research report on Tuesday. Finally, Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $153.10.

TD SYNNEX Stock Performance

The company has a market capitalization of $12.89 billion, a P/E ratio of 18.20, a PEG ratio of 1.24 and a beta of 1.35. The stock's fifty day moving average price is $147.63 and its 200-day moving average price is $130.24. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.26.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. The firm had revenue of $14.95 billion during the quarter, compared to the consensus estimate of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The business's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.73 EPS. As a group, research analysts anticipate that TD SYNNEX Corporation will post 11.88 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Marshall Witt sold 861 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $149.84, for a total value of $129,012.24. Following the transaction, the chief financial officer directly owned 49,777 shares of the company's stock, valued at approximately $7,458,585.68. The trade was a 1.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alim Dhanji sold 1,257 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total value of $179,009.37. Following the sale, the insider owned 10,984 shares in the company, valued at approximately $1,564,231.44. This represents a 10.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,240 shares of company stock worth $9,054,884. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On TD SYNNEX

A number of hedge funds have recently made changes to their positions in the business. Texas Permanent School Fund Corp increased its holdings in TD SYNNEX by 6.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 74,306 shares of the business services provider's stock worth $10,083,000 after buying an additional 4,243 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in TD SYNNEX by 28.8% during the second quarter. Thrivent Financial for Lutherans now owns 921,530 shares of the business services provider's stock valued at $125,052,000 after buying an additional 206,081 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of TD SYNNEX by 74.7% during the 2nd quarter. Corient Private Wealth LLC now owns 82,736 shares of the business services provider's stock worth $11,227,000 after acquiring an additional 35,382 shares during the last quarter. Captrust Financial Advisors grew its holdings in TD SYNNEX by 7.6% during the second quarter. Captrust Financial Advisors now owns 8,831 shares of the business services provider's stock valued at $1,198,000 after purchasing an additional 625 shares during the period. Finally, Vident Advisory LLC purchased a new stake in TD SYNNEX in the 2nd quarter worth approximately $3,344,000. 84.00% of the stock is currently owned by 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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