Bank of America Corp DE Trims Position in TD SYNNEX Co. (NYSE:SNX)

Bank of America Corp DE lessened its stake in TD SYNNEX Co. (NYSE:SNX) by 49.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,655 shares of the business services provider’s stock after selling 175,158 shares during the period. Bank of America Corp DE owned 0.21% of TD SYNNEX worth $21,304,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in TD SYNNEX by 37.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after acquiring an additional 813,634 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in TD SYNNEX during the 4th quarter worth about $2,260,000. Ritholtz Wealth Management grew its holdings in TD SYNNEX by 10.6% during the 4th quarter. Ritholtz Wealth Management now owns 2,519 shares of the business services provider’s stock worth $295,000 after acquiring an additional 241 shares in the last quarter. HB Wealth Management LLC bought a new position in TD SYNNEX during the 4th quarter worth about $279,000. Finally, UMB Bank n.a. grew its holdings in TD SYNNEX by 48.4% during the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock worth $50,000 after acquiring an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Stock Down 0.6%

SNX stock opened at $124.25 on Tuesday. The firm has a 50 day moving average of $113.25 and a 200 day moving average of $123.34. The stock has a market capitalization of $10.43 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 1.06 and a beta of 1.33. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. TD SYNNEX Co. has a 52 week low of $92.23 and a 52 week high of $145.10.

TD SYNNEX (NYSE:SNX) last released its earnings results on Thursday, March 27th. The business services provider reported $2.80 EPS for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $2.99 earnings per share. Sell-side analysts forecast that TD SYNNEX Co. will post 11.88 earnings per share for the current year.

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 25th. Investors of record on Friday, April 11th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Friday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is presently 21.97%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a report on Friday, March 28th. StockNews.com cut shares of TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Barrington Research restated an “outperform” rating and issued a $156.00 price target on shares of TD SYNNEX in a report on Friday, April 11th. UBS Group lowered their price target on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of TD SYNNEX from $125.00 to $120.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.22.

Insider Buying and Selling

In other TD SYNNEX news, insider Miriam Anne Murphy sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total transaction of $330,000.00. Following the completion of the transaction, the insider now directly owns 14,883 shares of the company’s stock, valued at approximately $1,637,130. This trade represents a 16.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard T. Hume sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $135.88, for a total transaction of $2,717,600.00. Following the transaction, the director now directly owns 65,480 shares of the company’s stock, valued at $8,897,422.40. This represents a 23.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,510 shares of company stock worth $3,241,001 in the last three months. Corporate insiders own 1.00% 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.