TD SYNNEX (NYSE:SNX) Reaches New 12-Month High – Time to Buy?

TD SYNNEX Corporation (NYSE:SNX)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $193.26 and last traded at $192.8240, with a volume of 946504 shares traded. The stock had previously closed at $186.92.

Analysts Set New Price Targets

SNX has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TD SYNNEX in a research report on Wednesday, January 21st. Zacks Research cut shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 15th. Barrington Research reaffirmed an “outperform” rating and set a $182.00 price objective on shares of TD SYNNEX in a research report on Friday, March 27th. JPMorgan Chase & Co. lifted their price objective on shares of TD SYNNEX from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 1st. Finally, Morgan Stanley lifted their price objective on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $183.00.

TD SYNNEX Trading Up 3.2%

The stock has a market capitalization of $15.55 billion, a PE ratio of 16.03, a PEG ratio of 1.08 and a beta of 1.23. The company has a quick ratio of 0.75, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average is $162.02 and its two-hundred day moving average is $156.35.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. During the same period in the previous year, the company earned $2.80 earnings per share. TD SYNNEX’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, analysts anticipate that TD SYNNEX Corporation will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th will be given a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 1.0%. TD SYNNEX’s payout ratio is 15.96%.

Insider Activity at TD SYNNEX

In related news, Director Merline Saintil sold 167 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $157.75, for a total value of $26,344.25. Following the completion of the sale, the director directly owned 6,995 shares of the company’s stock, valued at $1,103,461.25. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Gregory Jordan sold 3,225 shares of the business’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the sale, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,140 shares of company stock valued at $12,953,944 in the last ninety days. 0.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in TD SYNNEX by 9.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider’s stock valued at $1,749,000 after purchasing an additional 1,460 shares during the period. Goldman Sachs Group Inc. increased its stake in TD SYNNEX by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider’s stock valued at $18,631,000 after purchasing an additional 9,815 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in TD SYNNEX by 6.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider’s stock valued at $21,226,000 after purchasing an additional 12,615 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in TD SYNNEX by 12.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,155 shares of the business services provider’s stock valued at $428,000 after purchasing an additional 337 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in TD SYNNEX in the second quarter valued at $818,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.