Tech Data Corp (TECD) Stake Raised by Rhumbline Advisers
Rhumbline Advisers boosted its stake in Tech Data Corp (NASDAQ:TECD) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,631 shares of the company’s stock after buying an additional 2,784 shares during the quarter. Rhumbline Advisers owned approximately 0.18% of Tech Data worth $5,055,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of TECD. River Road Asset Management LLC purchased a new position in Tech Data in the 3rd quarter valued at about $32,431,000. Assenagon Asset Management S.A. lifted its stake in Tech Data by 11,850.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 375,250 shares of the company’s stock valued at $26,857,000 after buying an additional 372,110 shares in the last quarter. BlackRock Inc. lifted its stake in Tech Data by 8.1% in the 2nd quarter. BlackRock Inc. now owns 4,219,435 shares of the company’s stock valued at $346,500,000 after buying an additional 317,967 shares in the last quarter. Prudential Financial Inc. lifted its stake in Tech Data by 89.4% in the 3rd quarter. Prudential Financial Inc. now owns 655,099 shares of the company’s stock valued at $46,885,000 after buying an additional 309,142 shares in the last quarter. Finally, LSV Asset Management lifted its stake in Tech Data by 11.2% in the 2nd quarter. LSV Asset Management now owns 1,677,717 shares of the company’s stock valued at $137,774,000 after buying an additional 169,337 shares in the last quarter. 97.12% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the stock. BidaskClub raised shares of Tech Data from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Bank of America lowered shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price target on the stock. in a research note on Friday, August 31st. Zacks Investment Research reaffirmed a “hold” rating and issued a $82.00 price target on shares of Tech Data in a research note on Friday, November 16th. Needham & Company LLC raised their price target on shares of Tech Data to $110.00 and gave the company a “buy” rating in a research note on Friday, November 30th. Finally, Citigroup decreased their price target on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, August 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $99.86.
Tech Data (NASDAQ:TECD) last released its quarterly earnings data on Thursday, November 29th. The company reported $3.02 EPS for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.85. The company had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $8.92 billion. Tech Data had a net margin of 0.59% and a return on equity of 13.92%. Tech Data’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.00 EPS. On average, sell-side analysts expect that Tech Data Corp will post 10.7 earnings per share for the current year.
Tech Data announced that its Board of Directors has initiated a share buyback program on Tuesday, October 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other Tech Data news, Director Charles E. Adair sold 2,715 shares of the stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $90.72, for a total value of $246,304.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
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Tech Data Company Profile
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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