TD SYNNEX (NYSE:SNX) Hits New 1-Year High Following Dividend Announcement

Shares of TD SYNNEX Co. (NYSE:SNX) hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $110.21 and last traded at $109.85, with a volume of 196836 shares traded. The stock had previously closed at $105.44.

The newly announced dividend which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 1.38%. TD SYNNEX’s payout ratio is 23.22%.

Analyst Upgrades and Downgrades

SNX has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered TD SYNNEX from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $112.00 to $113.00 in a research note on Monday, January 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $118.00 price target (up from $110.00) on shares of TD SYNNEX in a research note on Wednesday. Barclays boosted their price objective on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday. StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, Cfra boosted their price target on TD SYNNEX from $110.00 to $113.00 and gave the stock a “hold” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $114.33.

TD SYNNEX Stock Performance

The company has a market capitalization of $10.34 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 1.07 and a beta of 1.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.77 and a current ratio of 1.22. The stock’s 50 day moving average price is $103.43 and its 200 day moving average price is $100.94.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.56 by $0.57. The company had revenue of $14.41 billion for the quarter, compared to analyst estimates of $14.54 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.30 EPS. As a group, equities analysts expect that TD SYNNEX Co. will post 11.17 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the business’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total value of $228,375,000.00. Following the completion of the sale, the insider now directly owns 26,153,049 shares of the company’s stock, valued at approximately $2,654,534,473.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Michael Urban sold 5,000 shares of TD SYNNEX stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $103.67, for a total value of $518,350.00. Following the completion of the sale, the insider now owns 36,131 shares of the company’s stock, valued at approximately $3,745,700.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the company’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the completion of the sale, the insider now owns 26,153,049 shares in the company, valued at approximately $2,654,534,473.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,289,905 shares of company stock valued at $232,556,362 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Apollo Management Holdings L.P. bought a new position in TD SYNNEX during the 1st quarter valued at $3,622,519,000. FMR LLC boosted its holdings in TD SYNNEX by 4.7% during the third quarter. FMR LLC now owns 6,853,828 shares of the business services provider’s stock worth $684,423,000 after purchasing an additional 307,844 shares during the last quarter. Vanguard Group Inc. increased its stake in TD SYNNEX by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 5,379,928 shares of the business services provider’s stock valued at $578,934,000 after buying an additional 371,322 shares during the last quarter. BlackRock Inc. grew its holdings in shares of TD SYNNEX by 4.8% in the first quarter. BlackRock Inc. now owns 4,384,593 shares of the business services provider’s stock valued at $424,385,000 after acquiring an additional 199,876 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in TD SYNNEX by 33,158.8% during the fourth quarter. Pacer Advisors Inc. now owns 1,336,005 shares of the business services provider’s stock worth $143,767,000 after acquiring an additional 1,331,988 shares during the period. Institutional investors own 84.00% 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.