TD SYNNEX (NYSE:SNX) Issues Quarterly Earnings Results, Beats Estimates By $1.49 EPS

TD SYNNEX (NYSE:SNX) posted its earnings results on Tuesday. The business services provider reported $4.73 EPS for the quarter, topping the consensus estimate of $3.24 by $1.49, FiscalAI reports. TD SYNNEX had a return on equity of 12.60% and a net margin of 1.32%.The business had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. During the same quarter last year, the company earned $2.80 EPS. TD SYNNEX’s revenue was up 18.1% on a year-over-year basis.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $159.81 on Tuesday. The firm has a market cap of $12.89 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The business’s 50 day moving average is $158.73 and its 200-day moving average is $155.17. The company has a current ratio of 1.21, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43. TD SYNNEX has a 1-year low of $92.23 and a 1-year high of $175.56.

TD SYNNEX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 16th were given a $0.48 dividend. The ex-dividend date of this dividend was Friday, January 16th. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.44. This represents a $1.92 annualized dividend and a dividend yield of 1.2%. TD SYNNEX’s dividend payout ratio (DPR) is currently 19.26%.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, CEO Patrick Zammit sold 13,900 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $171.57, for a total transaction of $2,384,823.00. Following the transaction, the chief executive officer owned 170,928 shares in the company, valued at $29,326,116.96. This trade represents a 7.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Merline Saintil sold 167 shares of TD SYNNEX stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the sale, the director directly owned 6,995 shares of the company’s stock, valued at $1,103,461.25. This represents a 2.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,915 shares of company stock valued at $13,111,786 in the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Brooklyn Investment Group boosted its stake in shares of TD SYNNEX by 26.2% in the fourth quarter. Brooklyn Investment Group now owns 1,774 shares of the business services provider’s stock valued at $272,000 after buying an additional 368 shares during the period. Meiji Yasuda Asset Management Co Ltd. bought a new position in TD SYNNEX during the 2nd quarter worth $244,000. Boothbay Fund Management LLC bought a new position in TD SYNNEX during the 2nd quarter worth $238,000. Advisory Services Network LLC increased its position in shares of TD SYNNEX by 6.9% in the fourth quarter. Advisory Services Network LLC now owns 1,495 shares of the business services provider’s stock worth $225,000 after purchasing an additional 96 shares during the period. Finally, Integrated Quantitative Investments LLC bought a new position in shares of TD SYNNEX in the fourth quarter worth $210,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

Analyst Upgrades and Downgrades

SNX has been the topic of several research reports. Barclays reduced their price objective on TD SYNNEX from $164.00 to $163.00 and set an “equal weight” rating on the stock in a report on Friday, January 9th. Morgan Stanley raised their price target on TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Wall Street Zen upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. UBS Group boosted their price target on TD SYNNEX from $187.00 to $193.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of TD SYNNEX in a research note on Monday, December 22nd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.70.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.