TD SYNNEX (NYSE:SNX) Stock Rating Lowered by StockNews.com

TD SYNNEX (NYSE:SNX) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Other research analysts have also recently issued research reports about the stock. Loop Capital reiterated a “buy” rating and set a $150.00 price objective on shares of TD SYNNEX in a research report on Monday, October 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of TD SYNNEX in a research report on Friday, September 27th. Barclays boosted their target price on TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Finally, Barrington Research reiterated an “outperform” rating and issued a $138.00 price target on shares of TD SYNNEX in a report on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.75.

TD SYNNEX Stock Performance

TD SYNNEX stock opened at $117.49 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. TD SYNNEX has a twelve month low of $98.70 and a twelve month high of $133.85. The company’s 50-day moving average price is $120.23 and its 200-day moving average price is $119.04. The company has a market cap of $10.00 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.14 and a beta of 1.47.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Thursday, September 26th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.06. The business had revenue of $14.68 billion for the quarter, compared to the consensus estimate of $14.11 billion. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.71 earnings per share. On average, equities research analysts forecast that TD SYNNEX will post 11.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $120.72, for a total value of $2,414,400.00. Following the completion of the sale, the director now owns 171,080 shares of the company’s stock, valued at approximately $20,652,777.60. This represents a 10.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dennis Polk sold 15,689 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the transaction, the insider now directly owns 134,706 shares in the company, valued at approximately $15,751,172.58. The trade was a 10.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,155 shares of company stock worth $8,598,095 in the last ninety days. 1.90% of the stock is owned by company insiders.

Institutional Trading of TD SYNNEX

Hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc raised its position in shares of TD SYNNEX by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,609 shares of the business services provider’s stock worth $313,000 after acquiring an additional 86 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in TD SYNNEX by 3.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,727 shares of the business services provider’s stock worth $315,000 after purchasing an additional 90 shares in the last quarter. AlphaMark Advisors LLC lifted its position in shares of TD SYNNEX by 1.3% during the third quarter. AlphaMark Advisors LLC now owns 7,734 shares of the business services provider’s stock valued at $929,000 after buying an additional 100 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of TD SYNNEX by 11.1% in the 2nd quarter. Fifth Third Bancorp now owns 1,064 shares of the business services provider’s stock valued at $123,000 after buying an additional 106 shares in the last quarter. Finally, Atria Investments Inc grew its position in shares of TD SYNNEX by 4.1% in the 3rd quarter. Atria Investments Inc now owns 2,862 shares of the business services provider’s stock worth $344,000 after buying an additional 112 shares during the last quarter. Hedge funds and other institutional investors 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.