Harmony Asset Management LLC Increases Stake in TD SYNNEX Co. (NYSE:SNX)

Harmony Asset Management LLC grew its position in TD SYNNEX Co. (NYSE:SNX) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,931 shares of the business services provider’s stock after acquiring an additional 1,331 shares during the period. TD SYNNEX comprises 1.5% of Harmony Asset Management LLC’s portfolio, making the stock its 17th largest holding. Harmony Asset Management LLC’s holdings in TD SYNNEX were worth $3,569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its holdings in TD SYNNEX by 121.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 255 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 140 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of TD SYNNEX in the first quarter valued at approximately $32,000. Pineridge Advisors LLC acquired a new position in TD SYNNEX during the fourth quarter worth $33,000. Blue Trust Inc. raised its position in TD SYNNEX by 52.3% in the second quarter. Blue Trust Inc. now owns 358 shares of the business services provider’s stock worth $40,000 after acquiring an additional 123 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in TD SYNNEX by 217.5% in the second quarter. GAMMA Investing LLC now owns 454 shares of the business services provider’s stock valued at $52,000 after acquiring an additional 311 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SNX shares. Royal Bank of Canada upgraded shares of TD SYNNEX from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $135.00 to $140.00 in a report on Monday, July 15th. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Bank of America lowered their price target on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. UBS Group lifted their price objective on TD SYNNEX from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lowered their target price on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.25.

TD SYNNEX Stock Performance

NYSE SNX opened at $118.03 on Monday. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.09 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.13 and a beta of 1.49. TD SYNNEX Co. has a fifty-two week low of $89.73 and a fifty-two week high of $133.85. The business has a fifty day moving average of $116.04 and a 200-day moving average of $117.55.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.05). The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $14.12 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. As a group, analysts predict that TD SYNNEX Co. will post 11.22 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Friday, July 12th. TD SYNNEX’s dividend payout ratio (DPR) is 22.41%.

Insider Activity

In related news, COO Patrick Zammit sold 3,513 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $113.28, for a total transaction of $397,952.64. Following the transaction, the chief operating officer now directly owns 140,205 shares in the company, valued at $15,882,422.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Marshall Witt sold 11,441 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the completion of the sale, the chief financial officer now directly owns 45,115 shares in the company, valued at approximately $4,968,966.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Patrick Zammit sold 3,513 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $113.28, for a total value of $397,952.64. Following the completion of the transaction, the chief operating officer now directly owns 140,205 shares in the company, valued at $15,882,422.40. The disclosure for this sale can be found here. Insiders sold a total of 35,188 shares of company stock valued at $3,998,655 over the last quarter. Company insiders own 1.90% of the company’s stock.

About TD SYNNEX

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.