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

Shares of TD SYNNEX Corporation (NYSE:SNX - Get Free Report) hit a new 52-week high 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

SNX has been the topic of several recent research reports. Barclays set a $140.00 price target on shares of TD SYNNEX in a research report on Tuesday, June 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a research report on Wednesday, June 25th. JPMorgan Chase & Co. upped their target price on shares of TD SYNNEX from $143.00 to $160.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Loop Capital upped their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Finally, Bank of America upped their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $149.30.

TD SYNNEX Price Performance

The stock's 50 day moving average is $131.88 and its two-hundred day moving average is $127.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. The stock has a market capitalization of $12.10 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30.

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 net margin of 1.21% and a return on equity of 11.58%. The firm had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same period in the prior year, the firm earned $2.73 earnings per share. The business's quarterly revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts forecast that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

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

Insider Activity

In other TD SYNNEX news, insider Miriam Anne Murphy sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total value of $330,000.00. Following the transaction, the insider directly owned 14,883 shares in the company, valued at $1,637,130. This represents a 16.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marshall Witt sold 1,509 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total transaction of $189,153.15. Following the completion of the transaction, the chief financial officer owned 49,563 shares in the company, valued at $6,212,722.05. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 corporate insiders.

Hedge Funds Weigh In On TD SYNNEX

Hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in TD SYNNEX by 329.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider's stock valued at $25,000 after purchasing an additional 188 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after acquiring an additional 152 shares during the period. Versant Capital Management Inc boosted its holdings in shares of TD SYNNEX by 115.1% in the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock valued at $36,000 after acquiring an additional 183 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of TD SYNNEX in the first quarter valued at approximately $44,000. Finally, Quarry LP acquired a new stake in shares of TD SYNNEX in the first quarter valued at approximately $51,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.