Concentric Capital Strategies LP Sells 31,949 Shares of TD SYNNEX Corporation $SNX

Concentric Capital Strategies LP lessened its holdings in TD SYNNEX Corporation (NYSE:SNX) by 29.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,194 shares of the business services provider’s stock after selling 31,949 shares during the period. Concentric Capital Strategies LP’s holdings in TD SYNNEX were worth $11,747,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SNX. State Street Corp grew its position in TD SYNNEX by 0.4% in the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock valued at $388,535,000 after acquiring an additional 9,024 shares during the period. Ninety One UK Ltd increased its position in shares of TD SYNNEX by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider’s stock worth $334,876,000 after purchasing an additional 258,630 shares in the last quarter. LSV Asset Management boosted its position in TD SYNNEX by 16.1% in the fourth quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider’s stock valued at $313,471,000 after buying an additional 288,625 shares in the last quarter. Geode Capital Management LLC grew its stake in TD SYNNEX by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider’s stock worth $230,315,000 after buying an additional 99,090 shares during the last quarter. Finally, Nuveen LLC increased its holdings in shares of TD SYNNEX by 3.8% during the fourth quarter. Nuveen LLC now owns 1,136,085 shares of the business services provider’s stock worth $170,674,000 after buying an additional 41,679 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SNX. Royal Bank Of Canada raised their price target on TD SYNNEX from $250.00 to $315.00 and gave the company an “outperform” rating in a report on Wednesday, June 10th. The Goldman Sachs Group lifted their price target on TD SYNNEX from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. JPMorgan Chase & Co. raised shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 target price for the company in a research note on Wednesday, May 27th. Finally, Morgan Stanley increased their price target on shares of TD SYNNEX from $172.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $233.10.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $284.01 on Thursday. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $22.83 billion, a P/E ratio of 23.61, a PEG ratio of 1.16 and a beta of 1.43. The business has a 50-day moving average of $238.64 and a 200-day moving average of $186.14. TD SYNNEX Corporation has a 1 year low of $123.28 and a 1 year high of $291.01.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the previous year, the business earned $2.80 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. On average, equities analysts anticipate that TD SYNNEX Corporation will post 15.88 EPS for the current year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 29th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.92 dividend on an annualized basis and a yield of 0.7%. TD SYNNEX’s dividend payout ratio is 15.96%.

Insider Activity

In other news, Director Richard T. Hume sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $280.38, for a total transaction of $1,401,900.00. Following the sale, the director owned 23,537 shares in the company, valued at $6,599,304.06. This represents a 17.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the completion of the sale, the insider owned 10,820 shares of the company’s stock, valued at approximately $2,165,514.80. This represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,250 shares of company stock worth $4,935,282 over the last ninety days. Insiders own 0.70% of the company’s stock.

TD SYNNEX Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.