Norges Bank Invests $121.20 Million in TD SYNNEX Co. (NYSE:SNX)

Norges Bank bought a new stake in shares of TD SYNNEX Co. (NYSE:SNX) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,033,420 shares of the business services provider’s stock, valued at approximately $121,199,000. Norges Bank owned approximately 1.22% of TD SYNNEX as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SNX. Cerity Partners LLC grew its stake in shares of TD SYNNEX by 51.3% in the 3rd quarter. Cerity Partners LLC now owns 16,792 shares of the business services provider’s stock worth $2,016,000 after purchasing an additional 5,691 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of TD SYNNEX by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 68,289 shares of the business services provider’s stock valued at $8,200,000 after buying an additional 746 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of TD SYNNEX by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,005 shares of the business services provider’s stock valued at $1,922,000 after buying an additional 1,120 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of TD SYNNEX by 1.3% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 11,227 shares of the business services provider’s stock valued at $1,348,000 after acquiring an additional 141 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of TD SYNNEX during the 3rd quarter worth $2,712,000. 84.00% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the sale, the director now owns 111,080 shares in the company, valued at approximately $13,065,229.60. This represents a 15.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Marshall Witt sold 1,510 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total value of $193,400.80. Following the transaction, the chief financial officer now directly owns 49,843 shares in the company, valued at approximately $6,383,891.44. This represents a 2.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,172 shares of company stock valued at $6,353,261 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

TD SYNNEX Trading Down 0.5 %

NYSE SNX opened at $104.13 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. TD SYNNEX Co. has a 1-year low of $98.00 and a 1-year high of $145.10. The firm’s fifty day simple moving average is $135.01 and its 200-day simple moving average is $125.70. The company has a market capitalization of $8.79 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.87 by ($0.07). The firm had revenue of $14.53 billion during the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a return on equity of 11.91% and a net margin of 1.18%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.99 earnings per share. As a group, sell-side analysts anticipate that TD SYNNEX Co. will post 11.88 earnings per share for the current fiscal year.

TD SYNNEX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Friday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is presently 22.11%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. reduced their target price on TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating for the company in a report on Friday. The Goldman Sachs Group reduced their price objective on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research note on Friday. Barrington Research restated an “outperform” rating and set a $156.00 price target on shares of TD SYNNEX in a report on Friday. StockNews.com downgraded shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Finally, Royal Bank of Canada boosted their target price on shares of TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.00.

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.