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

Shares of TD SYNNEX Corporation (NYSE:SNX) 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.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNX. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Zacks Research downgraded shares of TD SYNNEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. raised shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group upped their price objective on shares of TD SYNNEX from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday. Finally, UBS Group upped their price objective on shares of TD SYNNEX from $265.00 to $310.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $233.10.

TD SYNNEX Stock Up 1.3%

The firm’s 50-day moving average price is $232.97 and its 200-day moving average price is $183.36. The company has a market cap of $22.84 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 1.21 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71.

TD SYNNEX (NYSE:SNX) last released 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. The business had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The business’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the business earned $2.80 EPS. Sell-side analysts forecast that TD SYNNEX Corporation will post 15.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend 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 currently 15.96%.

Insiders Place Their Bets

In other TD SYNNEX news, CFO David Gregory Jordan sold 3,225 shares of the firm’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 transaction, the chief financial officer directly owned 14,035 shares of the company’s stock, valued at $2,659,071.10. This trade represents a 18.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard T. Hume sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the transaction, the director directly owned 23,537 shares of the company’s stock, valued at approximately $6,599,304.06. This represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,250 shares of company stock valued at $4,935,282 in the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL grew its holdings in TD SYNNEX by 1.1% during the 1st quarter. Gamco Investors INC. ET AL now owns 4,667 shares of the business services provider’s stock worth $787,000 after acquiring an additional 52 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of TD SYNNEX by 2.9% in the 1st quarter. Essex Financial Services Inc. now owns 1,957 shares of the business services provider’s stock worth $330,000 after buying an additional 56 shares during the last quarter. Kesler Norman & Wride LLC lifted its position in shares of TD SYNNEX by 0.7% in the 1st quarter. Kesler Norman & Wride LLC now owns 8,581 shares of the business services provider’s stock worth $1,448,000 after buying an additional 61 shares during the last quarter. SJS Investment Consulting Inc. lifted its position in shares of TD SYNNEX by 44.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider’s stock worth $34,000 after buying an additional 62 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its position in shares of TD SYNNEX by 3.5% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider’s stock worth $317,000 after buying an additional 71 shares during the last quarter. 84.00% of the stock is 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.