TD SYNNEX (NYSE:SNX) Reaches New 52-Week High – What’s Next?

TD SYNNEX Corporation (NYSE:SNX) shares reached a new 52-week high on Monday . The company traded as high as $215.01 and last traded at $214.4930, with a volume of 752849 shares. The stock had previously closed at $214.32.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Morgan Stanley lifted their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Barrington Research reiterated an “outperform” rating and set a $182.00 price target on shares of TD SYNNEX in a research note on Friday, March 27th. Barclays lifted their price target on shares of TD SYNNEX from $163.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 1st. Finally, Zacks Research upgraded shares of TD SYNNEX from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, TD SYNNEX has an average rating of “Moderate Buy” and a consensus price target of $186.50.

TD SYNNEX Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The company’s 50 day moving average price is $171.32 and its 200 day moving average price is $160.04. The company has a market cap of $17.30 billion, a price-to-earnings ratio of 17.89, a P/E/G ratio of 1.10 and a beta of 1.23.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. During the same quarter in the previous year, the company earned $2.80 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, equities research analysts predict that TD SYNNEX Corporation will post 15.38 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, April 15th. TD SYNNEX’s payout ratio is currently 15.96%.

Insider Buying and Selling

In other news, insider Miriam Anne Murphy sold 3,025 shares of the business’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the sale, the insider owned 10,820 shares in the company, valued at approximately $2,165,514.80. The trade was a 21.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick Zammit sold 13,900 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $171.57, for a total transaction of $2,384,823.00. Following the completion of the sale, the chief executive officer owned 170,928 shares in the company, valued at $29,326,116.96. This represents a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 82,165 shares of company stock worth $13,559,368 in the last three months. Company insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of TD SYNNEX by 0.4% in the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock valued at $388,535,000 after buying an additional 9,024 shares during the last quarter. Ninety One UK Ltd raised its holdings in shares of TD SYNNEX by 13.1% in the fourth quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider’s stock valued at $334,876,000 after buying an additional 258,630 shares during the last quarter. LSV Asset Management raised its holdings in shares of TD SYNNEX by 16.1% in the fourth quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider’s stock valued at $313,471,000 after buying an additional 288,625 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of TD SYNNEX by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider’s stock valued at $230,315,000 after buying an additional 99,090 shares during the last quarter. Finally, Metropolis Capital Ltd raised its holdings in shares of TD SYNNEX by 44.8% in the third quarter. Metropolis Capital Ltd now owns 1,228,603 shares of the business services provider’s stock valued at $201,184,000 after buying an additional 379,904 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

About TD SYNNEX

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.