TD SYNNEX (NYSE:SNX) Shares Gap Down After Analyst Downgrade

Posted by Defense World Staff on Mar 30th, 2023

TD SYNNEX Co. (NYSE:SNX – Get Rating) gapped down prior to trading on Tuesday after Raymond James lowered their price target on the stock from $140.00 to $130.00. The stock had previously closed at $93.02, but opened at $90.01. Raymond James currently has a strong-buy rating on the stock. TD SYNNEX shares last traded at $90.47, with a volume of 54,116 shares trading hands.

Several other equities analysts have also recently commented on the company. Barrington Research restated an “outperform” rating and set a $130.00 target price on shares of TD SYNNEX in a research report on Monday. JPMorgan Chase & Co. reduced their target price on TD SYNNEX from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays reduced their target price on TD SYNNEX from $109.00 to $103.00 and set an “equal weight” rating for the company in a research report on Wednesday. Stifel Nicolaus reduced their target price on TD SYNNEX from $120.00 to $110.00 in a research report on Tuesday. Finally, Credit Suisse Group boosted their target price on TD SYNNEX from $103.00 to $109.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 11th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.78.

Insider Activity

In other news, CFO Marshall Witt sold 603 shares of the business’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $92.81, for a total value of $55,964.43. Following the completion of the sale, the chief financial officer now owns 53,304 shares of the company’s stock, valued at approximately $4,947,144.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other TD SYNNEX news, major shareholder Apollo Management Holdings Gp, sold 5,175,000 shares of the company’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $97.00, for a total transaction of $501,975,000.00. Following the completion of the transaction, the insider now owns 37,802,877 shares of the company’s stock, valued at approximately $3,666,879,069. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marshall Witt sold 603 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $92.81, for a total value of $55,964.43. Following the transaction, the chief financial officer now directly owns 53,304 shares of the company’s stock, valued at approximately $4,947,144.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,193,767 shares of company stock valued at $503,877,398. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CX Institutional raised its position in TD SYNNEX by 79.6% during the 3rd quarter. CX Institutional now owns 12,345 shares of the business services provider’s stock valued at $1,002,000 after purchasing an additional 5,470 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of TD SYNNEX by 3.6% during the 3rd quarter. Victory Capital Management Inc. now owns 272,749 shares of the business services provider’s stock worth $22,144,000 after acquiring an additional 9,523 shares during the period. Frontier Capital Management Co. LLC grew its holdings in shares of TD SYNNEX by 15.4% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 338,796 shares of the business services provider’s stock worth $27,507,000 after acquiring an additional 45,159 shares during the period. California Public Employees Retirement System grew its holdings in shares of TD SYNNEX by 16.9% during the 3rd quarter. California Public Employees Retirement System now owns 96,327 shares of the business services provider’s stock worth $7,821,000 after acquiring an additional 13,895 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of TD SYNNEX by 10.1% during the 2nd quarter. Rhumbline Advisers now owns 126,835 shares of the business services provider’s stock worth $11,555,000 after acquiring an additional 11,591 shares during the period. Institutional investors own 84.70% of the company’s stock.

TD SYNNEX Price Performance

The business has a fifty day simple moving average of $98.52 and a two-hundred day simple moving average of $95.82. The company has a current ratio of 1.25, a quick ratio of 0.70 and a debt-to-equity ratio of 0.48. The stock has a market cap of $8.91 billion, a PE ratio of 13.78, a P/E/G ratio of 0.85 and a beta of 1.65.

TD SYNNEX (NYSE:SNX – Get Rating) last posted its earnings results on Tuesday, January 10th. The business services provider reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.45. TD SYNNEX had a return on equity of 14.08% and a net margin of 1.04%. The firm had revenue of $16.25 billion for the quarter, compared to the consensus estimate of $15.78 billion. Research analysts forecast that TD SYNNEX Co. will post 11.67 earnings per share for the current year.

TD SYNNEX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Friday, April 14th will be paid a $0.35 dividend. The ex-dividend date is Thursday, April 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.50%. TD SYNNEX’s payout ratio is currently 20.65%.

About TD SYNNEX

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TD SYNNEX Corp. engages in the distribution and aggregation of solutions in the information technology ecosystem. It operates through the following geographical segments: Americas, Europe, and Asia-Pacific and Japan. The firm offers IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and datacenter infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components.