Essex Financial Services Inc. Invests $227,000 in TD SYNNEX Co. (NYSE:SNX)

Essex Financial Services Inc. purchased a new position in TD SYNNEX Co. (NYSE:SNX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,970 shares of the business services provider’s stock, valued at approximately $227,000.

Several other hedge funds have also recently modified their holdings of SNX. Vanguard Group Inc. lifted 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 last quarter. Nordea Investment Management AB lifted its position in TD SYNNEX by 38.5% during the first quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock valued at $172,081,000 after acquiring an additional 421,908 shares during the last quarter. Ninety One UK Ltd lifted its position in TD SYNNEX by 131.0% during the second quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock valued at $158,298,000 after acquiring an additional 777,924 shares during the last quarter. Lyrical Asset Management LP lifted its position in TD SYNNEX by 0.3% during the fourth quarter. Lyrical Asset Management LP now owns 1,277,884 shares of the business services provider’s stock valued at $137,513,000 after acquiring an additional 3,571 shares during the last quarter. Finally, LSV Asset Management lifted its position in TD SYNNEX by 18.5% during the first quarter. LSV Asset Management now owns 878,474 shares of the business services provider’s stock valued at $99,355,000 after acquiring an additional 136,986 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Stock Down 4.7 %

NYSE:SNX opened at $115.67 on Wednesday. The firm has a market capitalization of $9.89 billion, a P/E ratio of 16.20, a PEG ratio of 1.21 and a beta of 1.49. TD SYNNEX Co. has a 1-year low of $89.73 and a 1-year high of $133.85. The company’s fifty day moving average price is $115.86 and its 200-day moving average price is $116.58. 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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.05). TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $14.12 billion. As a group, equities research analysts anticipate that TD SYNNEX Co. will post 11.22 EPS for the current year.

TD SYNNEX Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have issued reports on SNX shares. JPMorgan Chase & Co. cut their price target on shares of 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 restated an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research note on Wednesday, June 26th. UBS Group upped their price target 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. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Bank of America cut their price target on shares of TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $127.33.

Insider Buying and Selling

In related 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 transaction of $2,313,200.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the transaction, the chief financial officer now directly owns 45,115 shares of the company’s stock, valued at $4,968,966.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 35,071 shares of company stock valued at $3,985,182. Corporate insiders own 1.90% of the company’s stock.

TD SYNNEX Company 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.