Denali Advisors LLC Cuts Stock Holdings in TD SYNNEX Co. (NYSE:SNX)

Denali Advisors LLC cut its stake in shares of TD SYNNEX Co. (NYSE:SNX) by 24.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,712 shares of the business services provider’s stock after selling 1,502 shares during the period. Denali Advisors LLC’s holdings in TD SYNNEX were worth $544,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in TD SYNNEX by 23.4% during the first quarter. Vanguard Group Inc. now owns 6,641,402 shares of the business services provider’s stock valued at $751,143,000 after acquiring an additional 1,261,474 shares during the period. Ninety One UK Ltd grew its holdings in shares of TD SYNNEX by 131.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock worth $158,298,000 after purchasing an additional 777,924 shares during the period. Norges Bank acquired a new stake in TD SYNNEX during the 4th quarter worth approximately $79,506,000. Lind Value II ApS purchased a new position in TD SYNNEX in the first quarter valued at approximately $77,858,000. Finally, Lord Abbett & CO. LLC acquired a new position in TD SYNNEX during the first quarter valued at approximately $57,981,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of TD SYNNEX from $135.00 to $132.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. JPMorgan Chase & Co. reduced their price objective on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Barrington Research reiterated an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a research note on Wednesday, June 26th. Finally, Royal Bank of Canada raised TD SYNNEX from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $135.00 to $140.00 in a research report on Monday, July 15th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, TD SYNNEX has an average rating of “Moderate Buy” and a consensus target price of $127.33.

Insider Transactions at TD SYNNEX

In related news, insider Dennis Polk sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.66, for a total value of $2,313,200.00. Following the completion of the sale, the insider now directly owns 134,706 shares of the company’s stock, valued at $15,580,095.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Dennis Polk sold 20,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.66, for a total transaction of $2,313,200.00. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at $15,580,095.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Zammit sold 3,513 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $113.28, for a total transaction of $397,952.64. Following the sale, the chief operating officer now owns 140,205 shares of the company’s stock, valued at approximately $15,882,422.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,188 shares of company stock valued at $3,998,655. Insiders own 1.90% of the company’s stock.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $116.17 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47. TD SYNNEX Co. has a fifty-two week low of $89.73 and a fifty-two week high of $133.85. The business has a 50 day moving average price of $115.60 and a two-hundred day moving average price of $117.21. The firm has a market cap of $9.93 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.49.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.05). The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $14.12 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. Sell-side analysts expect that TD SYNNEX Co. will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.38%. TD SYNNEX’s dividend payout ratio (DPR) is presently 22.41%.

TD SYNNEX 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.