TD SYNNEX (NYSE:SNX) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of TD SYNNEX (NYSE:SNX) from a hold rating to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. Barclays increased their price objective on shares of TD SYNNEX from $140.00 to $164.00 and gave the stock an “equal weight” rating in a research report on Friday, September 26th. Loop Capital increased their price objective on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, June 30th. Barrington Research increased their price objective on shares of TD SYNNEX from $156.00 to $182.00 and gave the stock an “outperform” rating in a research report on Monday. Bank of America increased their price objective on shares of TD SYNNEX from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Friday, September 26th. Finally, The Goldman Sachs Group increased their price objective on shares of TD SYNNEX from $145.00 to $164.00 and gave the stock a “buy” rating in a research report on Thursday, September 25th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $169.55.

TD SYNNEX Price Performance

SNX stock opened at $163.96 on Wednesday. TD SYNNEX has a 52-week low of $92.23 and a 52-week high of $167.76. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.20. The company has a fifty day moving average price of $150.00 and a 200-day moving average price of $131.76. The company has a market capitalization of $13.52 billion, a P/E ratio of 17.78, a PEG ratio of 1.28 and a beta of 1.43.

TD SYNNEX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 17th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, October 17th. TD SYNNEX’s dividend payout ratio (DPR) is currently 19.09%.

Insider Activity

In other news, Director Ann F. Vezina sold 812 shares of TD SYNNEX stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $150.42, for a total transaction of $122,141.04. Following the completion of the transaction, the director directly owned 6,079 shares in the company, valued at $914,403.18. This trade represents a 11.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alim Dhanji sold 1,257 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total transaction of $179,009.37. Following the transaction, the insider directly owned 10,984 shares in the company, valued at $1,564,231.44. The trade was a 10.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,930 shares of company stock worth $430,163 over the last three months. 1.00% of the stock is currently owned by insiders.

Institutional Trading of TD SYNNEX

Several hedge funds have recently added to or reduced their stakes in SNX. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of TD SYNNEX by 329.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider’s stock worth $25,000 after purchasing an additional 188 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of TD SYNNEX by 115.1% in the first quarter. Versant Capital Management Inc now owns 342 shares of the business services provider’s stock worth $36,000 after purchasing an additional 183 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of TD SYNNEX in the second quarter worth about $55,000. Cullen Frost Bankers Inc. purchased a new position in shares of TD SYNNEX in the first quarter worth about $44,000. Finally, MAI Capital Management increased its stake in shares of TD SYNNEX by 90.2% in the second quarter. MAI Capital Management now owns 428 shares of the business services provider’s stock worth $58,000 after purchasing an additional 203 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

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.