TD SYNNEX (NYSE:SNX) Reaches New 12-Month High - What's Next?

Key Points

• TD SYNNEX shares hit a new 52-week high on Monday, trading as high as $241.84 after closing at $239.07 the prior session.
• Analysts have turned increasingly positive on the stock, with UBS lifting its price target to $265 and multiple firms reiterating buy ratings. The current consensus rating is Moderate Buy with a consensus target of $197.70.
• The company recently reported stronger-than-expected quarterly results, posting $4.73 EPS versus the $3.24 estimate and revenue of $17.16 billion, up 18.1% year over year. TD SYNNEX also paid a quarterly dividend of $0.48 per share, equal to a 0.8% annual yield.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $241.84 and last traded at $240.9150, with a volume of 10400 shares traded. The stock had previously closed at $239.07.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. UBS Group increased their price target on TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Wall Street Zen raised TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TD SYNNEX in a research report on Monday, May 4th. Barclays increased their price target on TD SYNNEX from $163.00 to $166.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 1st. Finally, The Goldman Sachs Group increased their price target on TD SYNNEX from $180.00 to $205.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $197.70.

TD SYNNEX Price Performance

The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $19.27 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 1.04 and a beta of 1.40. The stock has a 50-day moving average price of $184.68 and a 200 day moving average price of $165.10.

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

TD SYNNEX Announces Dividend

The firm 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. The ex-dividend date was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.8%. TD SYNNEX's dividend payout ratio (DPR) is 15.96%.

Insider Transactions at TD SYNNEX

In related news, insider Miriam Anne Murphy sold 3,025 shares of TD SYNNEX stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the sale, the insider directly owned 10,820 shares in the company, valued at approximately $2,165,514.80. The trade was a 21.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 5,000 shares of TD SYNNEX stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $233.85, for a total value of $1,169,250.00. Following the completion of the sale, the director owned 33,537 shares in the company, valued at approximately $7,842,627.45. The trade was a 12.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 11,417 shares of company stock valued at $2,412,026. 0.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors have recently bought and sold shares of the company. Dorato Capital Management acquired a new stake in TD SYNNEX in the 4th quarter worth about $27,000. Ossiam boosted its holdings in TD SYNNEX by 84.3% in the 3rd quarter. Ossiam now owns 164 shares of the business services provider's stock worth $27,000 after buying an additional 75 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in TD SYNNEX in the 4th quarter worth about $28,000. Measured Wealth Private Client Group LLC acquired a new stake in TD SYNNEX in the 3rd quarter worth about $30,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in TD SYNNEX in the 4th quarter worth about $32,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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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