TD SYNNEX (NYSE:SNX) Issues Q2 2024 Earnings Guidance

TD SYNNEX (NYSE:SNX) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.500-3.000 for the period, compared to the consensus EPS estimate of 2.780. The company issued revenue guidance of $13.3 billion-$14.9 billion, compared to the consensus revenue estimate of $14.3 billion. TD SYNNEX also updated its Q2 guidance to $2.50-3.00 EPS.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SNX. Royal Bank of Canada reissued a sector perform rating and issued a $118.00 target price (up previously from $110.00) on shares of TD SYNNEX in a report on Wednesday. Cfra boosted their price objective on shares of TD SYNNEX from $110.00 to $113.00 and gave the company a hold rating in a research report on Tuesday. StockNews.com upgraded shares of TD SYNNEX from a hold rating to a buy rating in a research report on Thursday, December 21st. JPMorgan Chase & Co. downgraded TD SYNNEX from an overweight rating to a neutral rating and boosted their price target for the company from $112.00 to $113.00 in a report on Monday, January 8th. Finally, Barclays raised their price objective on TD SYNNEX from $111.00 to $118.00 and gave the stock an equal weight rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, TD SYNNEX presently has an average rating of Moderate Buy and a consensus price target of $114.33.

TD SYNNEX Stock Performance

Shares of NYSE:SNX opened at $116.03 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.77. The business has a 50-day moving average of $103.43 and a two-hundred day moving average of $100.94. TD SYNNEX has a 12 month low of $86.30 and a 12 month high of $116.05. The firm has a market capitalization of $10.34 billion, a PE ratio of 16.84, a P/E/G ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.57. The business had revenue of $14.41 billion for the quarter, compared to analysts’ expectations of $14.54 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The business’s quarterly revenue was down 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.30 EPS. As a group, research analysts forecast that TD SYNNEX will post 11.17 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Thursday, April 11th. TD SYNNEX’s payout ratio is 23.22%.

Insider Transactions at TD SYNNEX

In related news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $101.50, for a total value of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares in the company, valued at approximately $2,654,534,473.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.57, for a total transaction of $1,055,700.00. Following the completion of the transaction, the chief executive officer now directly owns 229,363 shares of the company’s stock, valued at approximately $24,213,851.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of the stock in a transaction on Friday, January 12th. The shares were sold at an average price of $101.50, for a total value of $228,375,000.00. Following the transaction, the insider now directly owns 26,153,049 shares of the company’s stock, valued at $2,654,534,473.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,289,905 shares of company stock worth $232,556,362. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of TD SYNNEX by 31.5% during the 1st quarter. American Century Companies Inc. now owns 20,197 shares of the business services provider’s stock worth $2,085,000 after acquiring an additional 4,841 shares in the last quarter. US Bancorp DE boosted its stake in shares of TD SYNNEX by 11.6% during the 1st quarter. US Bancorp DE now owns 7,213 shares of the business services provider’s stock worth $745,000 after acquiring an additional 747 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of TD SYNNEX by 7.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,614 shares of the business services provider’s stock worth $992,000 after acquiring an additional 677 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of TD SYNNEX by 202.3% during the 1st quarter. Bank of Montreal Can now owns 53,183 shares of the business services provider’s stock worth $5,569,000 after acquiring an additional 35,593 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of TD SYNNEX during the 1st quarter worth $1,065,000. 84.00% of the stock is owned by institutional investors.

About TD SYNNEX

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.