TD SYNNEX (NYSE:SNX) Upgraded at Zacks Research

Zacks Research upgraded shares of TD SYNNEX (NYSE:SNX) from a hold rating to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on SNX. Barclays lifted their price objective on TD SYNNEX from $140.00 to $164.00 and gave the stock an “equal weight” rating in a report on Friday, September 26th. Royal Bank Of Canada lifted their price target on shares of TD SYNNEX from $165.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. The Goldman Sachs Group upped their price target on shares of TD SYNNEX from $145.00 to $164.00 and gave the company a “buy” rating in a report on Thursday, September 25th. Bank of America raised their price objective on shares of TD SYNNEX from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Finally, Loop Capital boosted their target price on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $169.55.

TD SYNNEX Trading Down 3.3%

NYSE:SNX opened at $158.57 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.20. TD SYNNEX has a one year low of $92.23 and a one year high of $167.76. The business’s 50-day simple moving average is $150.24 and its 200 day simple moving average is $131.96. The stock has a market cap of $12.91 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 1.28 and a beta of 1.43.

TD SYNNEX Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be paid a $0.44 dividend. 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 (DPR) is presently 19.09%.

Insider Activity

In other news, insider Alim Dhanji sold 1,257 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 10,984 shares in the company, valued at approximately $1,564,231.44. This represents a 10.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marshall Witt sold 861 shares of the 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 approximately $7,458,585.68. This trade represents a 1.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,930 shares of company stock valued at $430,163. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in TD SYNNEX by 10.1% in the 2nd quarter. Vanguard Group Inc. now owns 8,248,639 shares of the business services provider’s stock valued at $1,119,340,000 after acquiring an additional 759,022 shares during the period. JPMorgan Chase & Co. grew its stake in shares of TD SYNNEX by 8.5% in the second quarter. JPMorgan Chase & Co. now owns 4,230,059 shares of the business services provider’s stock worth $574,019,000 after purchasing an additional 330,085 shares in the last quarter. Ninety One UK Ltd grew its stake in shares of 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 in the last quarter. Abrams Bison Investments LLC increased its holdings in shares of 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 during the period. Finally, State Street Corp raised its stake in shares of 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 in the last quarter. 84.00% of the stock is owned by 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.