TD SYNNEX (NYSE:SNX) Releases Quarterly Earnings Results, Beats Expectations By $0.71 EPS

TD SYNNEX (NYSE:SNX) issued its quarterly earnings results on Thursday. The business services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates of $4.14 by $0.71, FiscalAI reports. The company had revenue of $19.57 billion for the quarter, compared to analysts’ expectations of $16.80 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.

TD SYNNEX Price Performance

SNX stock opened at $282.13 on Thursday. The company has a market capitalization of $22.68 billion, a P/E ratio of 23.45, a PEG ratio of 1.19 and a beta of 1.43. The company has a fifty day moving average price of $247.10 and a 200-day moving average price of $190.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. TD SYNNEX has a 52-week low of $133.71 and a 52-week high of $296.47.

TD SYNNEX Announces Dividend

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

Insider Activity at TD SYNNEX

In related news, Director Richard T. Hume sold 5,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 23,537 shares of the company’s stock, valued at $6,599,304.06. This trade represents a 17.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of TD SYNNEX stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the transaction, the chief financial officer directly owned 14,035 shares in the company, valued at $2,659,071.10. The trade was a 18.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,250 shares of company stock worth $4,935,282 over the last three months. Company insiders own 0.70% of the company’s stock.

Institutional Trading of TD SYNNEX

Several institutional investors have recently added to or reduced their stakes in SNX. State Street Corp increased its position in TD SYNNEX by 0.4% during the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock valued at $388,535,000 after purchasing an additional 9,024 shares during the period. Nuveen LLC lifted its position in shares of TD SYNNEX by 3.8% in the 4th quarter. Nuveen LLC now owns 1,136,085 shares of the business services provider’s stock worth $170,674,000 after purchasing an additional 41,679 shares during the period. AQR Capital Management LLC boosted its stake in shares of TD SYNNEX by 141.8% in the 4th quarter. AQR Capital Management LLC now owns 934,772 shares of the business services provider’s stock valued at $140,431,000 after purchasing an additional 548,180 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of TD SYNNEX during the third quarter worth $135,631,000. Finally, Invesco Ltd. increased its position in shares of TD SYNNEX by 5.3% during the fourth quarter. Invesco Ltd. now owns 741,328 shares of the business services provider’s stock worth $111,370,000 after buying an additional 37,305 shares during the period. 84.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNX. JPMorgan Chase & Co. upgraded shares of TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective on the stock in a research note on Wednesday, May 27th. Royal Bank Of Canada upped their price target on shares of TD SYNNEX from $250.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Barrington Research reiterated an “outperform” rating on shares of TD SYNNEX in a research report on Tuesday, June 16th. Weiss Ratings cut shares of TD SYNNEX from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley upped their target price on TD SYNNEX from $271.00 to $341.00 and gave the stock an “overweight” rating in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus price target of $249.80.

About TD SYNNEX

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.