US Bancorp DE Raises Stake in TD SYNNEX Corporation (NYSE:SNX)

US Bancorp DE boosted its holdings in shares of TD SYNNEX Corporation (NYSE:SNX) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,095 shares of the business services provider’s stock after acquiring an additional 613 shares during the period. US Bancorp DE’s holdings in TD SYNNEX were worth $634,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SNX. Bessemer Group Inc. increased its stake in TD SYNNEX by 174.7% during the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 152 shares in the last quarter. Versant Capital Management Inc increased its stake in TD SYNNEX by 115.1% during the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 183 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in TD SYNNEX during the 1st quarter valued at about $44,000. State of Wyoming increased its stake in TD SYNNEX by 51.9% during the 4th quarter. State of Wyoming now owns 594 shares of the business services provider’s stock valued at $70,000 after purchasing an additional 203 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in TD SYNNEX by 16.8% during the 1st quarter. GAMMA Investing LLC now owns 750 shares of the business services provider’s stock valued at $78,000 after purchasing an additional 108 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $145.62 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $149.76. The company has a market capitalization of $12.01 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.19 and a beta of 1.32. The firm’s 50 day simple moving average is $136.77 and its two-hundred day simple moving average is $128.02.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm had revenue of $14.95 billion for the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter in the previous year, the firm earned $2.73 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. Research analysts expect that TD SYNNEX Corporation will post 11.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, July 11th. TD SYNNEX’s payout ratio is currently 20.56%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNX. Loop Capital lifted their price target on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, June 30th. Barclays set a $140.00 price target on shares of TD SYNNEX in a research note on Tuesday, June 24th. Barrington Research reiterated an “outperform” rating and issued a $156.00 price target on shares of TD SYNNEX in a research note on Friday, July 11th. Bank of America lifted their price target on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $145.00 price target on shares of TD SYNNEX in a research note on Wednesday, June 25th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, TD SYNNEX has an average rating of “Moderate Buy” and a consensus price target of $149.30.

Insider Buying and Selling

In other TD SYNNEX news, insider Alim Dhanji sold 1,257 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total transaction of $179,009.37. Following the transaction, the insider owned 10,984 shares in the company, valued at $1,564,231.44. The trade was a 10.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Marshall Witt sold 1,509 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total transaction of $189,153.15. Following the transaction, the chief financial officer owned 49,563 shares in the company, valued at $6,212,722.05. This trade represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,076 shares of company stock worth $8,992,884. Insiders own 1.00% of the company’s stock.

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.