TD SYNNEX (NYSE:SNX) Reaches New 1-Year High – Still a Buy?

TD SYNNEX Co. (NYSE:SNX) reached a new 52-week high during trading on Tuesday . The company traded as high as $138.31 and last traded at $137.83, with a volume of 641478 shares. The stock had previously closed at $137.17.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNX. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price target on shares of TD SYNNEX in a report on Wednesday, January 15th. Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and upped their price objective for the stock from $122.00 to $147.00 in a report on Friday, January 10th. Barclays upped their price objective on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upped their price objective on TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, TD SYNNEX has a consensus rating of “Moderate Buy” and an average target price of $144.38.

TD SYNNEX Stock Up 0.5 %

The company has a fifty day moving average of $122.74 and a two-hundred day moving average of $119.20. The company has a market cap of $12.04 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 1.04 and a beta of 1.46. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24.

TD SYNNEX Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 24th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Friday, January 24th. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s dividend payout ratio is presently 20.10%.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $121.13, for a total value of $182,906.30. Following the transaction, the chief financial officer now owns 48,362 shares of the company’s stock, valued at $5,858,089.06. This represents a 3.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Simon Leung sold 6,249 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total value of $769,689.33. Following the completion of the transaction, the insider now directly owns 23,339 shares in the company, valued at $2,874,664.63. This trade represents a 21.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,715 shares of company stock worth $3,433,500. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds have recently bought and sold shares of SNX. FMR LLC grew its position in TD SYNNEX by 18.4% in the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after acquiring an additional 1,154,651 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of TD SYNNEX by 37.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after buying an additional 813,634 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of TD SYNNEX by 560.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 371,747 shares of the business services provider’s stock worth $44,639,000 after buying an additional 315,424 shares in the last quarter. AQR Capital Management LLC grew its position in shares of TD SYNNEX by 21.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,546,105 shares of the business services provider’s stock worth $178,421,000 after buying an additional 269,759 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of TD SYNNEX by 39.0% during the 3rd quarter. Lord Abbett & CO. LLC now owns 825,468 shares of the business services provider’s stock worth $99,123,000 after buying an additional 231,715 shares in the last quarter. 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.