TD SYNNEX (NYSE:SNX) Reaches New 1-Year High on Analyst Upgrade

TD SYNNEX Co. (NYSE:SNX)’s stock price reached a new 52-week high on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $135.00 to $150.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. TD SYNNEX traded as high as $134.97 and last traded at $134.19, with a volume of 65583 shares changing hands. The stock had previously closed at $132.84.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 target price on shares of TD SYNNEX in a research note on Tuesday, January 7th. Barclays lifted their target price on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday. Loop Capital reiterated a “buy” rating and issued a $150.00 target price on shares of TD SYNNEX in a research note on Monday, October 7th. StockNews.com cut shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Barrington Research restated an “outperform” rating and set a $138.00 price objective on shares of TD SYNNEX in a research note on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and an average target price of $144.38.

Insider Activity

In other news, insider Simon Leung sold 6,249 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total transaction of $769,689.33. Following the completion of the transaction, the insider now directly owns 23,339 shares of the company’s stock, valued at $2,874,664.63. The trade was a 21.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total transaction of $182,906.30. Following the transaction, the chief financial officer now directly owns 48,362 shares of the company’s stock, valued at approximately $5,858,089.06. This trade represents a 3.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,876 shares of company stock valued at $8,196,529 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNX. FMR LLC increased its holdings 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 worth $891,665,000 after acquiring an additional 1,154,651 shares in the last quarter. Pacer Advisors Inc. boosted its stake in TD SYNNEX by 58.9% during the 2nd quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock worth $313,469,000 after purchasing an additional 1,006,569 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in 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 purchasing an additional 813,634 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in 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 purchasing an additional 315,424 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in 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 purchasing an additional 269,759 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The firm’s 50 day simple moving average is $120.48 and its 200-day simple moving average is $118.02. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.14 and a beta of 1.46.

TD SYNNEX Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 24th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Friday, January 24th. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s payout ratio is 22.11%.

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.