PNC Financial Services Group Inc. Raises Position in TD SYNNEX Corporation (NYSE:SNX)

PNC Financial Services Group Inc. boosted its stake in TD SYNNEX Corporation (NYSE:SNX) by 16.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,390 shares of the business services provider’s stock after buying an additional 763 shares during the period. PNC Financial Services Group Inc.’s holdings in TD SYNNEX were worth $560,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SNX. Nuveen Asset Management LLC lifted its holdings in TD SYNNEX by 343.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock worth $141,913,000 after buying an additional 937,040 shares during the period. Brave Warrior Advisors LLC lifted its holdings in TD SYNNEX by 12.2% in the fourth quarter. Brave Warrior Advisors LLC now owns 4,147,172 shares of the business services provider’s stock worth $486,380,000 after buying an additional 451,557 shares during the period. Raymond James Financial Inc. purchased a new stake in TD SYNNEX in the fourth quarter worth about $47,094,000. Ceredex Value Advisors LLC lifted its holdings in TD SYNNEX by 176.3% in the fourth quarter. Ceredex Value Advisors LLC now owns 356,225 shares of the business services provider’s stock worth $41,778,000 after buying an additional 227,275 shares during the period. Finally, Tidal Investments LLC lifted its holdings in shares of TD SYNNEX by 1,224.2% during the fourth quarter. Tidal Investments LLC now owns 226,719 shares of the business services provider’s stock valued at $26,590,000 after purchasing an additional 209,598 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNX has been the subject of several recent research reports. Barrington Research reiterated an “outperform” rating and set a $156.00 target price on shares of TD SYNNEX in a report on Friday, July 11th. Bank of America lifted their target price on shares of TD SYNNEX from $156.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Barclays set a $140.00 target price on shares of TD SYNNEX in a report on Tuesday, June 24th. Wall Street Zen lowered shares of TD SYNNEX from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Loop Capital lifted their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the company a “buy” rating in a report on Monday, June 30th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.30.

TD SYNNEX Price Performance

Shares of SNX opened at $150.38 on Wednesday. The firm has a market cap of $12.40 billion, a PE ratio of 17.57, a P/E/G ratio of 1.19 and a beta of 1.32. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $137.32 and a two-hundred day simple moving average of $128.18. TD SYNNEX Corporation has a 1-year low of $92.23 and a 1-year high of $150.52.

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

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.2%. TD SYNNEX’s payout ratio is presently 20.56%.

Insider Activity

In other 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 completion of the sale, the insider owned 10,984 shares of the company’s stock, valued at $1,564,231.44. The trade was a 10.27% decrease in their position. The sale 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 sale, the chief financial officer directly owned 49,563 shares of the company’s stock, valued at approximately $6,212,722.05. The trade was a 2.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,076 shares of company stock valued at $8,992,884 in the last 90 days. Company 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.