TD SYNNEX (NYSE:SNX) Releases Q2 Earnings Guidance

TD SYNNEX (NYSE:SNX) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.50-3.00 for the period, compared to the consensus earnings per share estimate of $2.78. The company issued revenue guidance of $13.3-14.9 billion, compared to the consensus revenue estimate of $14.26 billion. TD SYNNEX also updated its Q2 2024 guidance to 2.500-3.000 EPS.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $113.06 on Friday. The business has a 50 day simple moving average of $103.60 and a 200-day simple moving average of $101.02. TD SYNNEX has a twelve month low of $86.30 and a twelve month high of $116.05. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.63. The company has a current ratio of 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.57. TD SYNNEX had a net margin of 1.12% and a return on equity of 12.16%. The firm had revenue of $14.41 billion during the quarter, compared to analyst estimates of $14.54 billion. During the same quarter in the previous year, the firm earned $3.30 earnings per share. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, equities research analysts expect that TD SYNNEX will post 11.17 earnings per share for the current year.

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $0.40 dividend. The ex-dividend date is Thursday, April 11th. This represents a $1.60 dividend on an annualized basis and a yield of 1.42%. TD SYNNEX’s payout ratio is currently 23.22%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNX. StockNews.com raised TD SYNNEX from a hold rating to a buy rating in a report on Thursday, December 21st. Barclays raised their target price on TD SYNNEX from $111.00 to $118.00 and gave the company an equal weight rating in a research note on Wednesday. Royal Bank of Canada restated a sector perform rating and set a $118.00 price target (up previously from $110.00) on shares of TD SYNNEX in a research report on Wednesday. Barrington Research lifted their price objective on shares of TD SYNNEX from $122.00 to $138.00 and gave the company an outperform rating in a research report on Thursday. Finally, Cfra upped their target price on shares of TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TD SYNNEX presently has a consensus rating of Moderate Buy and a consensus price target of $116.00.

Insider Activity

In other TD SYNNEX news, insider Michael Urban sold 5,000 shares of the business’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $103.67, for a total transaction of $518,350.00. Following the sale, the insider now owns 36,131 shares in the company, valued at approximately $3,745,700.77. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Dennis Polk sold 6,701 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $103.84, for a total transaction of $695,831.84. Following the completion of the sale, the insider now directly owns 135,092 shares in the company, valued at $14,027,953.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Urban sold 5,000 shares of the business’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $103.67, for a total transaction of $518,350.00. Following the transaction, the insider now owns 36,131 shares in the company, valued at $3,745,700.77. The disclosure for this sale can be found here. Insiders sold a total of 2,289,905 shares of company stock valued at $232,556,362 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Trading of TD SYNNEX

Institutional investors have recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. raised its stake in shares of TD SYNNEX by 95.2% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 410 shares of the business services provider’s stock worth $40,000 after purchasing an additional 200 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in TD SYNNEX in the first quarter worth approximately $51,000. Covestor Ltd increased its stake in shares of TD SYNNEX by 91.5% during the 1st quarter. Covestor Ltd now owns 697 shares of the business services provider’s stock worth $72,000 after purchasing an additional 333 shares during the last quarter. KBC Group NV bought a new position in shares of TD SYNNEX during the 4th quarter valued at $98,000. Finally, Meeder Asset Management Inc. boosted its holdings in TD SYNNEX by 1,049.0% in the first quarter. Meeder Asset Management Inc. now owns 1,666 shares of the business services provider’s stock worth $161,000 after purchasing an additional 1,521 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.