TD SYNNEX (NYSE:SNX) Sets New 52-Week High – Time to Buy?

TD SYNNEX Corporation (NYSE:SNX)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $286.99 and last traded at $284.2750, with a volume of 71646 shares changing hands. The stock had previously closed at $280.65.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SNX. Zacks Research cut TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Barrington Research reissued an “outperform” rating on shares of TD SYNNEX in a report on Tuesday. The Goldman Sachs Group raised their price objective on shares of TD SYNNEX from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Finally, Weiss Ratings raised shares of TD SYNNEX from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, June 2nd. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $233.10.

TD SYNNEX Price Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The company has a 50-day simple moving average of $236.81 and a two-hundred day simple moving average of $185.21. The stock has a market capitalization of $22.83 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping the consensus estimate of $3.24 by $1.49. The firm had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the company earned $2.80 earnings per share. On average, equities research analysts predict that TD SYNNEX Corporation will post 15.88 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, April 15th. TD SYNNEX’s dividend payout ratio (DPR) is presently 15.96%.

Insider Transactions at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total value of $1,401,900.00. Following the sale, the director owned 23,537 shares of the company’s stock, valued at approximately $6,599,304.06. The trade was a 17.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the company’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 completion of the sale, the insider owned 10,820 shares of the company’s stock, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 21,250 shares of company stock valued at $4,935,282. Corporate insiders own 0.70% of the company’s stock.

Institutional Trading of TD SYNNEX

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Concentric Capital Strategies LP purchased a new stake in shares of TD SYNNEX during the 3rd quarter worth about $18,036,000. Fieldview Capital Management LLC purchased a new stake in shares of TD SYNNEX during the 3rd quarter worth about $1,318,000. Envestnet Asset Management Inc. raised its stake in shares of TD SYNNEX by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 82,977 shares of the business services provider’s stock worth $13,587,000 after purchasing an additional 8,264 shares in the last quarter. Citigroup Inc. raised its stake in shares of TD SYNNEX by 12.0% during the 3rd quarter. Citigroup Inc. now owns 83,103 shares of the business services provider’s stock worth $13,608,000 after purchasing an additional 8,914 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of TD SYNNEX by 38.4% during the 4th quarter. Intech Investment Management LLC now owns 21,578 shares of the business services provider’s stock worth $3,242,000 after purchasing an additional 5,982 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

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.