TD SYNNEX’s (SNX) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of TD SYNNEX (NYSE:SNX) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $135.00 target price on the business services provider’s stock.

SNX has been the topic of several other reports. Cfra upped their price target on TD SYNNEX from $110.00 to $113.00 and gave the stock a hold rating in a research note on Tuesday, March 26th. Bank of America upped their price target on TD SYNNEX from $120.00 to $140.00 and gave the stock a buy rating in a research note on Tuesday, April 2nd. Barclays upped their price target on TD SYNNEX from $111.00 to $118.00 and gave the stock an equal weight rating in a research note on Wednesday, March 27th. JPMorgan Chase & Co. upped their price target on TD SYNNEX from $113.00 to $126.00 and gave the stock a neutral rating in a research note on Monday, April 1st. Finally, Barrington Research reissued an outperform rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Wednesday. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $126.10.

TD SYNNEX Price Performance

SNX opened at $115.35 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.75 and a current ratio of 1.26. TD SYNNEX has a 52-week low of $89.73 and a 52-week high of $133.85. The stock has a market capitalization of $10.28 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 1.12 and a beta of 1.55. The stock’s 50 day moving average price is $124.72 and its 200-day moving average price is $112.61.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Tuesday, March 26th. The business services provider reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.12. The company had revenue of $13.98 billion for the quarter, compared to analysts’ expectations of $14.37 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. On average, equities research analysts predict that TD SYNNEX will post 11.38 EPS for the current year.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, July 12th. TD SYNNEX’s payout ratio is currently 22.41%.

Insider Activity

In other news, insider Dennis Polk sold 20,000 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the transaction, the insider now directly owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $115.79, for a total value of $1,157,900.00. Following the transaction, the chief executive officer now owns 219,363 shares of the company’s stock, valued at $25,400,041.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Dennis Polk sold 20,000 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $118.10, for a total value of $2,362,000.00. Following the completion of the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,908,778.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,000 shares of company stock valued at $5,833,100 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNX. Invesco Ltd. increased its position in TD SYNNEX by 22.0% in the third quarter. Invesco Ltd. now owns 345,202 shares of the business services provider’s stock worth $34,472,000 after buying an additional 62,296 shares in the last quarter. Northern Trust Corp increased its position in TD SYNNEX by 7.0% in the third quarter. Northern Trust Corp now owns 321,245 shares of the business services provider’s stock worth $32,080,000 after buying an additional 21,123 shares in the last quarter. Natixis Advisors L.P. increased its position in TD SYNNEX by 49.6% in the third quarter. Natixis Advisors L.P. now owns 61,567 shares of the business services provider’s stock worth $6,148,000 after buying an additional 20,400 shares in the last quarter. Tower Research Capital LLC TRC increased its position in TD SYNNEX by 193.1% in the third quarter. Tower Research Capital LLC TRC now owns 5,879 shares of the business services provider’s stock worth $587,000 after buying an additional 3,873 shares in the last quarter. Finally, Teza Capital Management LLC purchased a new stake in TD SYNNEX in the third quarter worth about $218,000. Institutional investors own 84.00% of the company’s stock.

TD SYNNEX Company Profile

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.