TD SYNNEX Co. (NYSE:SNX) Sees Large Growth in Short Interest

TD SYNNEX Co. (NYSE:SNX) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,750,000 shares, an increase of 34.6% from the February 28th total of 1,300,000 shares. Currently, 2.1% of the shares of the company are sold short. Based on an average daily volume of 672,000 shares, the days-to-cover ratio is presently 2.6 days.

Insider Buying and Selling

In other TD SYNNEX news, CEO Patrick Zammit sold 6,823 shares of TD SYNNEX stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total transaction of $975,689.00. Following the transaction, the chief executive officer now owns 165,604 shares of the company’s stock, valued at $23,681,372. The trade was a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the sale, the director now directly owns 111,080 shares of the company’s stock, valued at approximately $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,172 shares of company stock valued at $6,353,261. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors have recently modified their holdings of the stock. Bartlett & CO. Wealth Management LLC raised its holdings in TD SYNNEX by 345.1% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider’s stock valued at $27,000 after buying an additional 176 shares during the period. Bessemer Group Inc. increased its position in TD SYNNEX by 174.7% during the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 152 shares during the last quarter. UMB Bank n.a. raised its stake in shares of TD SYNNEX by 48.4% in the fourth quarter. UMB Bank n.a. now owns 429 shares of the business services provider’s stock valued at $50,000 after acquiring an additional 140 shares during the period. Point72 DIFC Ltd bought a new stake in shares of TD SYNNEX in the 3rd quarter worth about $55,000. Finally, Blue Trust Inc. boosted its stake in shares of TD SYNNEX by 37.7% during the 4th quarter. Blue Trust Inc. now owns 471 shares of the business services provider’s stock worth $55,000 after purchasing an additional 129 shares during the period. 84.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SNX shares. Royal Bank of Canada increased their price target on TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. cut their target price on TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating for the company in a research report on Friday. UBS Group lowered their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Friday. Barrington Research reaffirmed an “outperform” rating and set a $156.00 price objective on shares of TD SYNNEX in a report on Friday. Finally, Cfra lowered their target price on shares of TD SYNNEX from $147.00 to $132.00 and set a “buy” rating on the stock in a report on Friday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, TD SYNNEX has a consensus rating of “Moderate Buy” and an average price target of $140.00.

TD SYNNEX Price Performance

Shares of NYSE SNX traded down $0.49 during midday trading on Monday, reaching $104.13. 1,584,158 shares of the stock traded hands, compared to its average volume of 760,761. The company’s 50 day moving average is $135.67 and its 200 day moving average is $125.75. TD SYNNEX has a one year low of $98.00 and a one year high of $145.10. The stock has a market capitalization of $8.79 billion, a PE ratio of 13.08, a P/E/G ratio of 1.06 and a beta of 1.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Thursday, March 27th. The business services provider reported $2.80 EPS for the quarter, missing the consensus estimate of $2.87 by ($0.07). The business had revenue of $14.53 billion for the quarter, compared to the consensus estimate of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. TD SYNNEX’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.99 EPS. On average, equities research analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current year.

TD SYNNEX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.69%. TD SYNNEX’s dividend payout ratio (DPR) is presently 22.11%.

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.