TD SYNNEX (NYSE:SNX) Reaches New 1-Year High - Still a Buy?

Key Points

• TD SYNNEX reached a new 52-week high of $150.02 during trading, closing at $149.80, reflecting a significant increase from its previous closing price of $145.62.
• Wall Street analysts have varied opinions on the stock, with a consensus rating of "Moderate Buy" and a price target averaging $149.30, indicating potential for further appreciation.
• Despite strong recent performance, some analysts, such as Wall Street Zen, have adjusted their ratings from "buy" to "hold," suggesting caution among investors.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $150.02 and last traded at $149.80, with a volume of 306444 shares trading hands. The stock had previously closed at $145.62.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNX. Wall Street Zen lowered TD SYNNEX from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Bank of America boosted their price target on TD SYNNEX from $156.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Barclays set a $140.00 price target on TD SYNNEX in a report on Tuesday, June 24th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $145.00 price target on shares of TD SYNNEX in a report on Wednesday, June 25th. Finally, Loop Capital upped their target price on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $149.30.

TD SYNNEX Price Performance

The stock has a market capitalization of $12.40 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.19 and a beta of 1.32. The stock's 50 day moving average is $136.77 and its two-hundred day moving average is $128.02. 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 issued its quarterly earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. The firm had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. TD SYNNEX's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the company posted $2.73 EPS. On average, equities analysts anticipate that TD SYNNEX Corporation will post 11.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a $0.44 dividend. The ex-dividend date was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.2%. TD SYNNEX's dividend payout ratio is presently 20.56%.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, insider Alim Dhanji sold 1,257 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total value of $179,009.37. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard T. Hume sold 63,310 shares of the 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 sale, the director owned 67,515 shares of the company's stock, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,076 shares of company stock worth $8,992,884. Insiders own 1.00% of the company's stock.

Institutional Trading of TD SYNNEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in TD SYNNEX by 329.8% in the 1st 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. increased its holdings in TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after purchasing an additional 152 shares during the last quarter. Versant Capital Management Inc increased its holdings in TD SYNNEX by 115.1% in the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock valued at $36,000 after purchasing an additional 183 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in TD SYNNEX in the 1st quarter valued at approximately $44,000. Finally, Quarry LP purchased a new position in TD SYNNEX in the 1st quarter valued at approximately $51,000. Institutional investors and hedge funds own 84.00% of the company's stock.

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.

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