Merit Financial Group LLC Invests $215,000 in TD SYNNEX Co. (NYSE:SNX)

Merit Financial Group LLC bought a new position in shares of TD SYNNEX Co. (NYSE:SNX) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,067 shares of the business services provider’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. increased its position in TD SYNNEX by 174.7% during the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock worth $28,000 after buying an additional 152 shares during the period. Versant Capital Management Inc increased its position in TD SYNNEX by 115.1% during the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider’s stock worth $36,000 after buying an additional 183 shares during the period. Blue Trust Inc. increased its position in TD SYNNEX by 37.7% during the fourth quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock worth $55,000 after buying an additional 129 shares during the period. Global Retirement Partners LLC increased its position in TD SYNNEX by 31.9% during the fourth quarter. Global Retirement Partners LLC now owns 480 shares of the business services provider’s stock worth $56,000 after buying an additional 116 shares during the period. Finally, Jones Financial Companies Lllp increased its position in TD SYNNEX by 196.5% during the fourth quarter. Jones Financial Companies Lllp now owns 507 shares of the business services provider’s stock worth $59,000 after buying an additional 336 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SNX. Barclays cut their price target on TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Friday, March 28th. Barrington Research reaffirmed an “outperform” rating and set a $156.00 price target on shares of TD SYNNEX in a research report on Friday, April 11th. Wall Street Zen downgraded TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. The Goldman Sachs Group lowered their target price on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered their target price on TD SYNNEX from $125.00 to $120.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus target price of $138.00.

Insiders Place Their Bets

In other news, insider Miriam Anne Murphy sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $110.00, for a total value of $330,000.00. Following the sale, the insider now directly owns 14,883 shares in the company, valued at $1,637,130. This represents a 16.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marshall Witt sold 1,510 shares of the company’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the completion of the sale, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $125.96 on Friday. The firm has a market capitalization of $10.57 billion, a P/E ratio of 15.82, a PEG ratio of 1.06 and a beta of 1.29. TD SYNNEX Co. has a one year low of $92.23 and a one year high of $145.10. The company’s fifty day moving average is $115.53 and its two-hundred day moving average is $123.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24.

TD SYNNEX (NYSE:SNX) last posted 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 firm had revenue of $14.53 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.99 earnings per share. Analysts forecast that TD SYNNEX Co. will post 11.88 EPS for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Friday, April 11th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.40%. TD SYNNEX’s payout ratio is 21.97%.

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.