TD SYNNEX (NYSE:SNX) Sets New 1-Year High After Dividend Announcement

TD SYNNEX Corporation (NYSE:SNX) shares reached a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $155.06 and last traded at $155.99, with a volume of 1157892 shares. The stock had previously closed at $150.34.

The newly announced dividend which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, October 17th. TD SYNNEX’s dividend payout ratio (DPR) is presently 20.56%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNX. Barclays set a $140.00 price target on TD SYNNEX in a research note on Tuesday, June 24th. Morgan Stanley increased their price target on TD SYNNEX from $155.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, September 18th. Wall Street Zen raised TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, August 16th. Bank of America increased their price target on TD SYNNEX from $156.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Loop Capital increased their price target on TD SYNNEX from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, June 30th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $153.10.

TD SYNNEX Price Performance

The business has a 50-day moving average price of $147.97 and a 200 day moving average price of $130.47. The company has a market cap of $13.15 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 1.22 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45.

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

Insider Activity

In other news, CFO Marshall Witt sold 861 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $149.84, for a total value of $129,012.24. Following the completion of the sale, the chief financial officer owned 49,777 shares in the company, valued at $7,458,585.68. This represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alim Dhanji sold 1,257 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total value 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 disclosure for this sale can be found here. Insiders sold 2,930 shares of company stock worth $430,163 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of TD SYNNEX

A number of hedge funds have recently modified their holdings of SNX. Nuveen LLC purchased a new stake in shares of TD SYNNEX during the first quarter worth $121,259,000. Norges Bank purchased a new stake in shares of TD SYNNEX during the second quarter worth $124,618,000. Metropolis Capital Ltd purchased a new stake in shares of TD SYNNEX during the second quarter worth $115,168,000. Vanguard Group Inc. raised its holdings in shares of TD SYNNEX by 10.1% during the second quarter. Vanguard Group Inc. now owns 8,248,639 shares of the business services provider’s stock worth $1,119,340,000 after acquiring an additional 759,022 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of TD SYNNEX by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider’s stock worth $405,441,000 after acquiring an additional 564,473 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.