TD SYNNEX (NYSE:SNX) Cut to Hold at StockNews.com

by · The Markets Daily

TD SYNNEX (NYSE:SNX – Get Free Report) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

SNX has been the subject of several other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Friday, September 27th. Barrington Research reissued an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Monday, September 23rd. Barclays increased their target price on shares of TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Finally, Loop Capital reissued a “buy” rating and issued a $150.00 target price on shares of TD SYNNEX in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.75.

Get Our Latest Report on SNX

TD SYNNEX Stock Performance

Shares of NYSE:SNX traded down $0.17 on Monday, hitting $123.06. The company had a trading volume of 546,970 shares, compared to its average volume of 767,797. The stock has a 50 day moving average price of $119.71 and a 200 day moving average price of $119.37. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 1.14 and a beta of 1.47. TD SYNNEX has a 1-year low of $98.70 and a 1-year high of $133.85. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

TD SYNNEX (NYSE:SNX – Get Free Report) last announced its earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.06. The company had revenue of $14.68 billion during the quarter, compared to analysts’ expectations of $14.11 billion. TD SYNNEX had a net margin of 1.20% and a return on equity of 12.15%. TD SYNNEX’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.71 earnings per share. Analysts expect that TD SYNNEX will post 11.03 EPS for the current year.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, insider Dennis Polk sold 15,689 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,751,172.58. This represents a 10.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Simon Leung sold 6,249 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the completion of the transaction, the insider now owns 23,339 shares in the company, valued at approximately $2,874,664.63. This represents a 21.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,645 shares of company stock valued at $8,415,189. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of large investors have recently modified their holdings of the company. FMR LLC lifted its stake in TD SYNNEX by 18.4% during the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after acquiring an additional 1,154,651 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of 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 valued at $313,469,000 after purchasing an additional 1,006,569 shares during the last quarter. Ninety One UK Ltd increased its position in shares of TD SYNNEX by 131.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock valued at $158,298,000 after purchasing an additional 777,924 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of 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 valued at $44,639,000 after purchasing an additional 315,424 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of 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 valued at $178,421,000 after purchasing an additional 269,759 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Company Profile

(Get Free Report)

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.

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