TD SYNNEX (NYSE:SNX) Reaches New 12-Month High Following Analyst Upgrade

TD SYNNEX Co. (NYSE:SNXGet Free Report)’s stock price reached a new 52-week high during trading on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $134.97 and last traded at $134.19, with a volume of 65583 shares changing hands. The stock had previously closed at $132.84.

Several other equities research analysts have also recently issued reports on the company. Barrington Research reaffirmed an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Monday, September 23rd. Cfra upgraded TD SYNNEX from a “hold” rating to a “buy” rating and boosted their target price for the company from $122.00 to $147.00 in a research report on Friday, January 10th. JPMorgan Chase & Co. boosted their target price on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday. Loop Capital reiterated a “buy” rating and issued a $150.00 price target on shares of TD SYNNEX in a report on Monday, October 7th. Finally, Barclays boosted their price objective on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.38.

Check Out Our Latest Stock Analysis on SNX

Insider Activity at TD SYNNEX

In related news, insider Simon Leung sold 6,249 shares of the company’s 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 transaction, the insider now directly owns 23,339 shares of the company’s stock, valued at $2,874,664.63. This represents a 21.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David R. Vetter sold 20,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $123.14, for a total transaction of $2,462,800.00. Following the completion of the sale, the insider now directly owns 66,381 shares in the company, valued at approximately $8,174,156.34. The trade was a 23.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,876 shares of company stock valued at $5,782,129 in the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new stake in TD SYNNEX in the third quarter valued at $30,000. UMB Bank n.a. boosted its stake in shares of TD SYNNEX by 99.3% during the 3rd quarter. UMB Bank n.a. now owns 289 shares of the business services provider’s stock worth $35,000 after acquiring an additional 144 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in shares of TD SYNNEX during the 3rd quarter worth about $37,000. Point72 DIFC Ltd purchased a new stake in shares of TD SYNNEX during the 3rd quarter worth about $55,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of TD SYNNEX during the 3rd quarter worth about $58,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

TD SYNNEX Stock Performance

The firm’s 50 day moving average price is $120.83 and its 200-day moving average price is $118.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The firm has a market capitalization of $11.59 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46.

TD SYNNEX Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be paid a dividend of $0.44 per share. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Friday, January 24th. TD SYNNEX’s dividend payout ratio is presently 22.11%.

About TD SYNNEX

(Get Free Report)

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.

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