Martingale Asset Management L P Lowers Stake in TD SYNNEX Co. (NYSE:SNX)

Martingale Asset Management L P reduced its position in shares of TD SYNNEX Co. (NYSE:SNX) by 73.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,957 shares of the business services provider’s stock after selling 148,611 shares during the quarter. Martingale Asset Management L P owned 0.06% of TD SYNNEX worth $6,599,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SNX. Hancock Whitney Corp lifted its stake in TD SYNNEX by 57.9% in the 2nd quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock valued at $1,954,000 after buying an additional 6,207 shares in the last quarter. Wedge Capital Management L L P NC lifted its stake in TD SYNNEX by 20.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 31,146 shares of the business services provider’s stock valued at $3,594,000 after buying an additional 5,252 shares in the last quarter. Friedenthal Financial purchased a new position in TD SYNNEX in the 2nd quarter valued at about $967,000. ClariVest Asset Management LLC lifted its stake in TD SYNNEX by 45,552.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 16,435 shares of the business services provider’s stock valued at $1,897,000 after buying an additional 16,399 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in TD SYNNEX by 55.7% in the 1st quarter. Tidal Investments LLC now owns 17,508 shares of the business services provider’s stock valued at $1,980,000 after buying an additional 6,265 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price target on shares of TD SYNNEX in a research note on Friday, September 27th. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Barrington Research reiterated an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a report on Monday, September 23rd. Barclays increased their price objective on shares of TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Finally, Loop Capital reiterated a “buy” rating and issued a $150.00 price objective on shares of TD SYNNEX in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, TD SYNNEX has a consensus rating of “Moderate Buy” and a consensus price target of $134.75.

Insider Activity at TD SYNNEX

In other news, insider Simon Leung sold 6,249 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the sale, the insider now directly owns 23,339 shares in the company, valued at approximately $2,874,664.63. This trade represents a 21.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marshall Witt sold 5,653 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $121.15, for a total value of $684,860.95. Following the transaction, the chief financial officer now directly owns 38,279 shares of the company’s stock, valued at $4,637,500.85. The trade was a 12.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,645 shares of company stock worth $8,414,329. Insiders own 1.90% of the company’s stock.

TD SYNNEX Stock Down 0.7 %

Shares of NYSE SNX opened at $118.99 on Friday. The company has a 50 day simple moving average of $119.22 and a 200-day simple moving average of $119.65. The company has a market capitalization of $10.12 billion, a P/E ratio of 15.39, a P/E/G ratio of 1.21 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.77. TD SYNNEX Co. has a 1 year low of $96.93 and a 1 year high of $133.85.

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

TD SYNNEX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 1.34%. TD SYNNEX’s dividend payout ratio (DPR) is presently 20.70%.

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.