Kovitz Investment Group Partners LLC Grows Position in TD SYNNEX Co. (NYSE:SNX)

Kovitz Investment Group Partners LLC increased its holdings in TD SYNNEX Co. (NYSE:SNX) by 26.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,620 shares of the business services provider’s stock after acquiring an additional 546 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in TD SYNNEX were worth $304,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SNX. Two Sigma Advisers LP lifted its position in shares of TD SYNNEX by 131.9% during the third quarter. Two Sigma Advisers LP now owns 127,736 shares of the business services provider’s stock valued at $15,339,000 after buying an additional 72,650 shares during the last quarter. State Street Corp lifted its position in shares of TD SYNNEX by 0.7% during the third quarter. State Street Corp now owns 2,189,732 shares of the business services provider’s stock valued at $262,943,000 after buying an additional 15,995 shares during the last quarter. Quantinno Capital Management LP lifted its position in shares of TD SYNNEX by 5.6% during the third quarter. Quantinno Capital Management LP now owns 15,770 shares of the business services provider’s stock valued at $1,894,000 after buying an additional 831 shares during the last quarter. Redwood Investment Management LLC lifted its position in shares of TD SYNNEX by 4.0% during the third quarter. Redwood Investment Management LLC now owns 12,504 shares of the business services provider’s stock valued at $1,496,000 after buying an additional 486 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of TD SYNNEX during the third quarter valued at about $55,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com lowered shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Monday, December 9th. Barrington Research reissued an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research report on Monday, September 23rd. Barclays upped their price objective on shares of TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a report on Friday, September 27th. Finally, Loop Capital restated a “buy” rating and set a $150.00 price objective on shares of TD SYNNEX in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $134.75.

Insider Buying and Selling

In other news, insider Dennis Polk sold 15,689 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the sale, the insider now owns 134,706 shares of the company’s stock, valued at $15,751,172.58. This trade represents a 10.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marshall Witt sold 5,653 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $121.15, for a total transaction of $684,860.95. Following the sale, the chief financial officer now directly owns 38,279 shares in the company, valued at $4,637,500.85. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,645 shares of company stock worth $8,415,189. 1.90% of the stock is owned by company insiders.

TD SYNNEX Price Performance

Shares of NYSE:SNX opened at $123.24 on Friday. TD SYNNEX Co. has a twelve month low of $98.70 and a twelve month high of $133.85. The company’s 50 day moving average is $120.25 and its 200 day moving average is $119.33. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The company has a market cap of $10.49 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.14 and a beta of 1.47.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.06. TD SYNNEX had a net margin of 1.20% and a return on equity of 12.15%. The company had revenue of $14.68 billion for the quarter, compared to the consensus estimate of $14.11 billion. During the same quarter in the prior year, the company earned $2.71 EPS. TD SYNNEX’s quarterly revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts forecast that TD SYNNEX Co. will post 11.03 EPS for the current year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 1.30%. TD SYNNEX’s dividend payout ratio (DPR) is presently 20.70%.

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.