Morgan Stanley Analysts Give TD SYNNEX (NYSE:SNX) a $155.00 Price Target

Morgan Stanley set a $155.00 target price on TD SYNNEX (NYSE:SNX) in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm currently has an overweight rating on the business services provider’s stock.

SNX has been the subject of a number of other research reports. Barclays dropped their price objective on TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating for the company in a report on Friday, March 28th. Royal Bank Of Canada dropped their price objective on TD SYNNEX from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, April 11th. UBS Group dropped their price objective on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a report on Friday, March 28th. Wall Street Zen cut TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. dropped their price objective on TD SYNNEX from $125.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.44.

TD SYNNEX Price Performance

Shares of TD SYNNEX stock opened at $134.72 on Wednesday. The stock has a 50 day moving average price of $121.26 and a 200-day moving average price of $124.38. TD SYNNEX has a one year low of $92.23 and a one year high of $145.10. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.74 and a current ratio of 1.26. The stock has a market cap of $11.31 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 1.15 and a beta of 1.29.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.28. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. The company had revenue of $14.95 billion during the quarter, compared to analysts’ expectations of $14.30 billion. During the same quarter in the previous year, the business earned $2.73 EPS. TD SYNNEX’s revenue was up 7.2% compared to the same quarter last year. Equities analysts expect that TD SYNNEX will post 11.88 EPS for the current year.

TD SYNNEX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Friday, July 11th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $1.76 annualized dividend and a dividend yield of 1.31%. TD SYNNEX’s dividend payout ratio is currently 20.56%.

Insider Activity

In related news, insider Miriam Anne Murphy sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $110.00, for a total transaction of $330,000.00. Following the completion of the sale, the insider now directly owns 14,883 shares in the company, valued at $1,637,130. This represents a 16.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Marshall Witt sold 1,509 shares of the company’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total value of $189,153.15. Following the sale, the chief financial officer now owns 49,563 shares of the company’s stock, valued at $6,212,722.05. This trade represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

A number of hedge funds have recently made changes to their positions in SNX. Nuveen LLC purchased a new stake in shares of TD SYNNEX during the 1st quarter worth $121,259,000. Norges Bank acquired a new position in TD SYNNEX during the 4th quarter valued at about $121,199,000. Nuveen Asset Management LLC increased its position in TD SYNNEX by 343.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after buying an additional 937,040 shares in the last quarter. JPMorgan Chase & Co. increased its position in TD SYNNEX by 16.9% during the 1st quarter. JPMorgan Chase & Co. now owns 3,899,974 shares of the business services provider’s stock valued at $405,441,000 after buying an additional 564,473 shares in the last quarter. Finally, LSV Asset Management increased its position in TD SYNNEX by 46.9% during the 4th quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock valued at $201,235,000 after buying an additional 547,692 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.