TD SYNNEX (NYSE:SNX) Hits New 52-Week High - Time to Buy?

TD SYNNEX Corporation (NYSE:SNX - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $146.35 and last traded at $146.27, with a volume of 58674 shares changing hands. The stock had previously closed at $143.64.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SNX. Royal Bank Of Canada restated an "outperform" rating and set a $145.00 price objective on shares of TD SYNNEX in a research note on Wednesday, June 25th. Morgan Stanley set a $155.00 target price on TD SYNNEX and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Barrington Research reissued an "outperform" rating and set a $156.00 target price on shares of TD SYNNEX in a research note on Friday, July 11th. Loop Capital upped their target price on TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Finally, The Goldman Sachs Group cut their target price on TD SYNNEX from $154.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.30.

TD SYNNEX Stock Up 0.6%

The stock has a 50 day moving average of $131.88 and a 200 day moving average of $127.48. The firm has a market capitalization of $12.10 billion, a price-to-earnings ratio of 17.14, a P/E/G ratio of 1.19 and a beta of 1.30. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The firm had revenue of $14.95 billion during the quarter, compared to the consensus estimate of $14.30 billion. During the same period in the prior year, the firm posted $2.73 earnings per share. The firm's revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, analysts expect that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Friday, July 11th. TD SYNNEX's dividend payout ratio is presently 20.56%.

Insider Activity

In other news, Director Richard T. Hume sold 63,310 shares of the company's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $136.23, for a total transaction of $8,624,721.30. Following the completion of the transaction, the director owned 67,515 shares of the company's stock, valued at approximately $9,197,568.45. This represents a 48.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alim Dhanji sold 1,257 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total transaction of $179,009.37. Following the sale, the insider directly owned 10,984 shares of the company's stock, valued at approximately $1,564,231.44. The trade was a 10.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,076 shares of company stock valued at $9,322,884 over the last three months. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services LLC grew its position in shares of TD SYNNEX by 30.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,961 shares of the business services provider's stock valued at $465,000 after acquiring an additional 923 shares during the period. Sei Investments Co. lifted its stake in shares of TD SYNNEX by 25.5% in the fourth quarter. Sei Investments Co. now owns 70,745 shares of the business services provider's stock valued at $8,297,000 after buying an additional 14,379 shares in the last quarter. LPL Financial LLC lifted its position in shares of TD SYNNEX by 15.0% during the fourth quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock valued at $1,839,000 after purchasing an additional 2,050 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of TD SYNNEX by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 7,685,224 shares of the business services provider's stock worth $901,323,000 after purchasing an additional 29,659 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in TD SYNNEX during the fourth quarter valued at approximately $269,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.