TD SYNNEX (NYSE:SNX) Sets New 52-Week High Following Dividend Announcement

TD SYNNEX Co. (NYSE:SNX)’s stock price hit a new 52-week high during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $110.21 and last traded at $109.85, with a volume of 196836 shares trading hands. The stock had previously closed at $105.44.

The newly announced dividend which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Thursday, April 11th. TD SYNNEX’s payout ratio is currently 23.22%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Cfra increased their price objective on TD SYNNEX from $110.00 to $113.00 and gave the company a “hold” rating in a research note on Tuesday. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $118.00 price objective (up previously from $110.00) on shares of TD SYNNEX in a research note on Wednesday. Barclays lifted their target price on shares of TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut TD SYNNEX from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $112.00 to $113.00 in a report on Monday, January 8th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $114.33.

TD SYNNEX Price Performance

The company’s fifty day moving average is $103.43 and its two-hundred day moving average is $100.94. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.77 and a current ratio of 1.22. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.57. The firm had revenue of $14.41 billion for the quarter, compared to analyst estimates of $14.54 billion. TD SYNNEX had a net margin of 1.12% and a return on equity of 12.16%. The firm’s revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.30 EPS. Equities research analysts forecast that TD SYNNEX Co. will post 11.17 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of TD SYNNEX stock in a transaction on Friday, January 12th. The shares were sold at an average price of $101.50, for a total value of $228,375,000.00. Following the completion of the sale, the insider now owns 26,153,049 shares in the company, valued at $2,654,534,473.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Michael Urban sold 5,000 shares of the firm’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $103.67, for a total transaction of $518,350.00. Following the transaction, the insider now directly owns 36,131 shares in the company, valued at $3,745,700.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction on Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares in the company, valued at $2,654,534,473.50. The disclosure for this sale can be found here. Insiders have sold 2,289,905 shares of company stock worth $232,556,362 in the last three months. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SNX. Pineridge Advisors LLC bought a new position in TD SYNNEX in the 4th quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. raised its stake in shares of TD SYNNEX by 95.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 410 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 200 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in TD SYNNEX during the 1st quarter valued at about $51,000. Covestor Ltd raised its position in shares of TD SYNNEX by 91.5% during the 1st quarter. Covestor Ltd now owns 697 shares of the business services provider’s stock worth $72,000 after buying an additional 333 shares in the last quarter. Finally, Gladius Capital Management LP lifted its stake in shares of TD SYNNEX by 50.8% in the 3rd quarter. Gladius Capital Management LP now owns 742 shares of the business services provider’s stock worth $75,000 after acquiring an additional 250 shares during the period. Institutional investors 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.