Allspring Global Investments Holdings LLC Increases Position in TD SYNNEX Co. (NYSE:SNX)

Allspring Global Investments Holdings LLC boosted its stake in shares of TD SYNNEX Co. (NYSE:SNX) by 129.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,249 shares of the business services provider’s stock after buying an additional 17,050 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in TD SYNNEX were worth $3,491,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its stake in TD SYNNEX by 7.6% in the 4th quarter. Retirement Systems of Alabama now owns 64,242 shares of the business services provider’s stock valued at $6,913,000 after purchasing an additional 4,540 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of TD SYNNEX by 2.7% during the 4th quarter. Victory Capital Management Inc. now owns 53,206 shares of the business services provider’s stock worth $5,725,000 after buying an additional 1,384 shares during the last quarter. Amalgamated Bank boosted its position in shares of TD SYNNEX by 19.7% in the 4th quarter. Amalgamated Bank now owns 37,971 shares of the business services provider’s stock worth $4,086,000 after buying an additional 6,243 shares in the last quarter. 9258 Wealth Management LLC acquired a new stake in TD SYNNEX in the 4th quarter valued at about $207,000. Finally, M&T Bank Corp purchased a new position in TD SYNNEX during the 4th quarter valued at about $238,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on SNX shares. Royal Bank of Canada upgraded shares of TD SYNNEX from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $135.00 to $140.00 in a research report on Monday, July 15th. Bank of America lowered their target price on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. JPMorgan Chase & Co. cut their price target on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Barrington Research reaffirmed an “outperform” rating and set a $138.00 price objective on shares of TD SYNNEX in a research note on Wednesday, June 26th. Finally, UBS Group boosted their target price on shares of TD SYNNEX from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.33.

TD SYNNEX Trading Up 0.6 %

Shares of SNX stock opened at $121.42 on Monday. TD SYNNEX Co. has a 1-year low of $89.73 and a 1-year high of $133.85. The firm’s 50-day simple moving average is $116.04 and its 200-day simple moving average is $116.34. The firm has a market cap of $10.38 billion, a P/E ratio of 17.01, a PEG ratio of 1.21 and a beta of 1.52. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.26 and a quick ratio of 0.78.

TD SYNNEX (NYSE:SNX) last announced 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 during the quarter, compared to analyst estimates of $14.12 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. As a group, equities analysts forecast that TD SYNNEX Co. will post 11.22 EPS for the current year.

TD SYNNEX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Friday, July 12th. TD SYNNEX’s dividend payout ratio is currently 22.41%.

Insider Transactions at TD SYNNEX

In other TD SYNNEX news, insider Dennis Polk sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Thursday, June 27th. The shares were 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 of the company’s stock, valued at $15,580,095.96. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Dennis Polk sold 20,000 shares of the stock in a transaction on Thursday, June 27th. The shares were 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 owns 134,706 shares of the company’s stock, valued at $15,580,095.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Patrick Zammit sold 3,513 shares of TD SYNNEX 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 transaction, the chief operating officer now owns 140,205 shares in the company, valued at approximately $15,882,422.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,071 shares of company stock worth $3,985,182. 1.90% of the stock is currently owned by company insiders.

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.