Invenomic Capital Management LP Cuts Stake in TD SYNNEX Co. (NYSE:SNX)

Invenomic Capital Management LP lessened its position in TD SYNNEX Co. (NYSE:SNX) by 16.2% during the third quarter, Holdings Channel reports. The fund owned 184,158 shares of the business services provider’s stock after selling 35,703 shares during the quarter. TD SYNNEX comprises approximately 1.2% of Invenomic Capital Management LP’s investment portfolio, making the stock its 28th largest position. Invenomic Capital Management LP’s holdings in TD SYNNEX were worth $22,114,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of SNX. CIBC Asset Management Inc raised its position in TD SYNNEX by 3.4% in the third quarter. CIBC Asset Management Inc now owns 2,609 shares of the business services provider’s stock worth $313,000 after purchasing an additional 86 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of TD SYNNEX by 3.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,727 shares of the business services provider’s stock valued at $315,000 after acquiring an additional 90 shares during the period. AlphaMark Advisors LLC raised its position in TD SYNNEX by 1.3% in the third quarter. AlphaMark Advisors LLC now owns 7,734 shares of the business services provider’s stock valued at $929,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Bancorp grew its position in shares of TD SYNNEX by 11.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,064 shares of the business services provider’s stock worth $123,000 after buying an additional 106 shares during the period. Finally, Atria Investments Inc grew its holdings in TD SYNNEX by 4.1% during the third quarter. Atria Investments Inc now owns 2,862 shares of the business services provider’s stock worth $344,000 after buying an additional 112 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $120.72, for a total transaction of $2,414,400.00. Following the completion of the transaction, the director now owns 171,080 shares of the company’s stock, valued at approximately $20,652,777.60. The trade was a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Simon Leung sold 6,249 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $123.17, for a total value of $769,689.33. Following the completion of the sale, the insider now owns 23,339 shares of the company’s stock, valued at approximately $2,874,664.63. This trade represents a 21.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,645 shares of company stock valued at $8,414,329 over the last ninety days. Insiders own 1.90% of the company’s stock.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $123.00 on Tuesday. The firm has a market capitalization of $10.47 billion, a P/E ratio of 15.80, a PEG ratio of 1.20 and a beta of 1.47. TD SYNNEX Co. has a one year low of $96.93 and a one year high of $133.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.77. The business has a fifty day moving average price of $119.24 and a 200-day moving average price of $119.57.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Thursday, September 26th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.06. The business had revenue of $14.68 billion for the quarter, compared to analysts’ expectations of $14.11 billion. TD SYNNEX had a return on equity of 12.15% and a net margin of 1.20%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.71 earnings per share. As a group, equities research analysts forecast that TD SYNNEX Co. will post 11.03 EPS for the current year.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Friday, October 11th. TD SYNNEX’s payout ratio is currently 20.70%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNX. Loop Capital reissued a “buy” rating and set a $150.00 price objective on shares of TD SYNNEX in a research note on Monday, October 7th. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Barclays upped their price target on TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 target price on shares of TD SYNNEX in a research note on Friday, September 27th. Finally, Barrington Research reissued an “outperform” rating and issued a $138.00 price target on shares of TD SYNNEX in a research report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $134.75.

About TD SYNNEX

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.