The Goldman Sachs Group Cuts TD SYNNEX (NYSE:SNX) Price Target to $137.00

TD SYNNEX (NYSE:SNX) had its price target lowered by The Goldman Sachs Group from $154.00 to $137.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the business services provider’s stock.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada upped their price target on TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Barrington Research reaffirmed an “outperform” rating and issued a $156.00 price objective on shares of TD SYNNEX in a research note on Friday. UBS Group cut their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday. StockNews.com cut TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. Finally, Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and increased their target price for the company from $122.00 to $147.00 in a research note on Friday, January 10th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.00.

TD SYNNEX Stock Down 2.9 %

Shares of NYSE SNX opened at $104.45 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51. TD SYNNEX has a 12-month low of $98.00 and a 12-month high of $145.10. The firm’s 50-day simple moving average is $135.67 and its 200 day simple moving average is $125.75.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings results 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). TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The company had revenue of $14.53 billion for the quarter, compared to the consensus estimate of $14.79 billion. During the same period last year, the company earned $2.99 earnings per share. TD SYNNEX’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, research analysts expect that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.76 annualized dividend and a dividend yield of 1.68%. TD SYNNEX’s dividend payout ratio (DPR) is currently 22.11%.

Insiders Place Their Bets

In other news, Director Richard T. Hume sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the transaction, the director now directly owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marshall Witt sold 1,510 shares of TD SYNNEX stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the completion of the sale, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. The trade was a 2.94 % 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 worth $6,353,261. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of TD SYNNEX during the 4th quarter worth approximately $121,199,000. Ninety One UK Ltd raised its position in TD SYNNEX by 75.4% during the fourth quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider’s stock worth $277,316,000 after acquiring an additional 1,016,251 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in TD SYNNEX by 343.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after acquiring an additional 937,040 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after acquiring an additional 813,634 shares during the period. Finally, LSV Asset Management increased its stake in shares of TD SYNNEX by 46.9% during the 4th quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock worth $201,235,000 after purchasing an additional 547,692 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

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.