TD SYNNEX (NYSE:SNX) Price Target Raised to $164.00 at Barclays

TD SYNNEX (NYSE:SNX) had its price objective lifted by Barclays from $140.00 to $164.00 in a research note published on Friday morning,Benzinga reports. Barclays currently has an equal weight rating on the business services provider’s stock.

A number of other research analysts have also weighed in on SNX. Bank of America raised their price objective on TD SYNNEX from $156.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Barrington Research restated an “outperform” rating and set a $156.00 price target on shares of TD SYNNEX in a report on Tuesday. Royal Bank Of Canada upped their price target on shares of TD SYNNEX from $145.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, August 22nd. JPMorgan Chase & Co. raised their price objective on shares of TD SYNNEX from $143.00 to $160.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Raymond James Financial set a $175.00 price target on shares of TD SYNNEX in a report on Thursday. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, TD SYNNEX currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.73.

TD SYNNEX Stock Up 3.1%

Shares of TD SYNNEX stock opened at $164.62 on Friday. TD SYNNEX has a 1 year low of $92.23 and a 1 year high of $164.73. The firm has a market cap of $13.58 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 1.30 and a beta of 1.35. The company has a 50-day moving average of $148.40 and a 200 day moving average of $130.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.20 and a quick ratio of 0.75.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.28. TD SYNNEX had a net margin of 1.27% and a return on equity of 12.13%. The business had revenue of $14.95 billion for the quarter, compared to analysts’ expectations of $14.30 billion. During the same quarter in the prior year, the company earned $2.73 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given 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 is Friday, October 17th. TD SYNNEX’s dividend payout ratio is 20.56%.

Insiders Place Their Bets

In other TD SYNNEX news, CFO Marshall Witt sold 861 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $149.84, for a total transaction of $129,012.24. Following the completion of the sale, the chief financial officer directly owned 49,777 shares in the company, valued at $7,458,585.68. The trade was a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ann F. Vezina sold 812 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total transaction of $122,141.04. Following the completion of the transaction, the director owned 6,079 shares in the company, valued at $914,403.18. This trade represents a 11.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,930 shares of company stock valued at $430,163. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Several large investors have recently made changes to their positions in SNX. Vanguard Group Inc. boosted its stake in 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 valued at $1,119,340,000 after buying an additional 759,022 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of TD SYNNEX by 8.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,230,059 shares of the business services provider’s stock valued at $574,019,000 after acquiring an additional 330,085 shares during the last quarter. Ninety One UK Ltd increased its position in TD SYNNEX by 15.0% in the second quarter. Ninety One UK Ltd now owns 2,949,709 shares of the business services provider’s stock worth $400,275,000 after purchasing an additional 384,518 shares during the last quarter. Abrams Bison Investments LLC raised its stake in TD SYNNEX by 19.4% during the first quarter. Abrams Bison Investments LLC now owns 2,683,000 shares of the business services provider’s stock valued at $278,925,000 after purchasing an additional 435,000 shares in the last quarter. Finally, State Street Corp lifted its position in TD SYNNEX by 0.7% during the second quarter. State Street Corp now owns 2,363,709 shares of the business services provider’s stock valued at $320,755,000 after purchasing an additional 15,400 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.