TD SYNNEX (NYSE:SNX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of TD SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a research note published on Tuesday.

A number of other analysts have also recently commented on the stock. Barrington Research reaffirmed an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a report on Monday, September 23rd. JPMorgan Chase & Co. raised their target price on TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday. Loop Capital reissued a “buy” rating and set a $150.00 price target on shares of TD SYNNEX in a report on Monday, October 7th. Barclays raised their price objective on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 target price on shares of TD SYNNEX in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, TD SYNNEX presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.38.

TD SYNNEX Trading Up 2.4 %

TD SYNNEX stock opened at $135.98 on Tuesday. The business has a 50-day simple moving average of $120.48 and a two-hundred day simple moving average of $118.02. TD SYNNEX has a 52-week low of $98.70 and a 52-week high of $136.07. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.57 billion, a P/E ratio of 17.59, a P/E/G 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. Investors of record on Friday, January 24th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, January 24th. This represents a $1.76 annualized dividend and a dividend yield of 1.29%. This is a boost from TD SYNNEX’s previous quarterly dividend of $0.40. TD SYNNEX’s dividend payout ratio (DPR) is currently 22.11%.

Insider Buying and Selling

In other news, Director Richard T. Hume sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the sale, the director now owns 111,080 shares in the company, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Simon Leung sold 6,249 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total transaction of $769,689.33. Following the transaction, the insider now owns 23,339 shares of the company’s stock, valued at approximately $2,874,664.63. This represents a 21.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,876 shares of company stock valued at $5,782,129. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several large investors have recently made changes to their positions in SNX. FMR LLC boosted its stake in TD SYNNEX by 18.4% during the third quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after buying an additional 1,154,651 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of 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 acquiring an additional 813,634 shares in the last quarter. Pacer Advisors Inc. boosted 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 acquiring an additional 1,006,569 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of TD SYNNEX by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,239,852 shares of the business services provider’s stock valued at $258,482,000 after purchasing an additional 177,460 shares in the last quarter. Finally, State Street Corp increased its position in TD SYNNEX by 0.7% in the third quarter. State Street Corp now owns 2,189,732 shares of the business services provider’s stock worth $262,943,000 after purchasing an additional 15,995 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

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.