Royal Bank of Canada Reiterates Sector Perform Rating for TD SYNNEX (NYSE:SNX)

TD SYNNEX (NYSE:SNX)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a report issued on Wednesday, Benzinga reports. They currently have a $135.00 price target on the business services provider’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 15.41% from the company’s current price.

A number of other equities analysts have also weighed in on SNX. Bank of America increased their price target on TD SYNNEX from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. UBS Group raised TD SYNNEX from a “neutral” rating to a “buy” rating and raised their price target for the stock from $115.00 to $145.00 in a research note on Tuesday, April 16th. Barclays raised 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. raised 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, Cfra raised 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. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, TD SYNNEX presently has a consensus rating of “Moderate Buy” and an average price target of $123.09.

TD SYNNEX Stock Performance

Shares of SNX traded up $0.01 during trading hours on Wednesday, reaching $116.97. 135,254 shares of the company’s stock traded hands, compared to its average volume of 887,656. The firm has a market capitalization of $10.42 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.13 and a beta of 1.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.75. TD SYNNEX has a twelve month low of $87.68 and a twelve month high of $133.85. The business’s fifty day simple moving average is $124.62 and its two-hundred day simple moving average is $112.46.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, March 26th. The business services provider reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.12. TD SYNNEX had a return on equity of 12.22% and a net margin of 1.14%. The business had revenue of $13.98 billion during the quarter, compared to analysts’ expectations of $14.37 billion. Analysts predict that TD SYNNEX will post 11.38 earnings per share for the current year.

Insider Transactions at TD SYNNEX

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 owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 219,363 shares in the company, valued at $25,400,041.77. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dennis Polk sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

Institutional Trading of TD SYNNEX

A number of hedge funds have recently made changes to their positions in SNX. Invesco Ltd. lifted its holdings in TD SYNNEX by 22.0% during the 3rd quarter. Invesco Ltd. now owns 345,202 shares of the business services provider’s stock worth $34,472,000 after purchasing an additional 62,296 shares during the last quarter. Northern Trust Corp increased its stake in shares of TD SYNNEX by 7.0% in the 3rd quarter. Northern Trust Corp now owns 321,245 shares of the business services provider’s stock valued at $32,080,000 after purchasing an additional 21,123 shares during the last quarter. Natixis Advisors L.P. increased its stake in shares of TD SYNNEX by 49.6% in the 3rd quarter. Natixis Advisors L.P. now owns 61,567 shares of the business services provider’s stock valued at $6,148,000 after purchasing an additional 20,400 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of TD SYNNEX by 193.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,879 shares of the business services provider’s stock valued at $587,000 after purchasing an additional 3,873 shares during the last quarter. Finally, Teza Capital Management LLC bought a new position in shares of TD SYNNEX in the 3rd quarter valued at $218,000. 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.