TD SYNNEX (NYSE:SNX) Price Target Raised to $220.00

TD SYNNEX (NYSE:SNX) had its price objective boosted by JPMorgan Chase & Co. from $185.00 to $220.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

A number of other equities research analysts have also weighed in on SNX. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TD SYNNEX in a research report on Wednesday, January 21st. UBS Group lifted their target price on TD SYNNEX from $187.00 to $193.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Morgan Stanley lifted their target price on TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Barrington Research reissued an “outperform” rating and issued a $182.00 price objective on shares of TD SYNNEX in a research note on Friday, March 27th. Finally, Royal Bank Of Canada boosted their price objective on shares of TD SYNNEX from $180.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.50.

TD SYNNEX Stock Up 2.8%

NYSE:SNX opened at $214.72 on Thursday. TD SYNNEX has a twelve month low of $102.16 and a twelve month high of $215.01. The company has a market cap of $17.26 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 1.08 and a beta of 1.23. The stock has a fifty day simple moving average of $169.54 and a 200-day simple moving average of $159.30. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. The business had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.TD SYNNEX’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.80 EPS. Analysts anticipate that TD SYNNEX will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, April 15th. TD SYNNEX’s payout ratio is 15.96%.

Insider Activity

In other news, CEO Patrick Zammit sold 13,900 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were 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 represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Miriam Anne Murphy sold 3,025 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the transaction, the insider owned 10,820 shares in the company, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 82,165 shares of company stock worth $13,559,368 over the last 90 days. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Hedge funds have recently modified their holdings of the stock. Ossiam increased its holdings in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Dorato Capital Management acquired a new position in shares of TD SYNNEX in the fourth quarter valued at about $27,000. Measured Wealth Private Client Group LLC acquired a new position in shares of TD SYNNEX in the third quarter valued at about $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of TD SYNNEX in the fourth quarter valued at about $28,000. Finally, Lloyd Advisory Services LLC. acquired a new position in shares of TD SYNNEX in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

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.