Short Interest in TD SYNNEX Co. (NYSE:SNX) Grows By 34.6%

TD SYNNEX Co. (NYSE:SNX) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,750,000 shares, an increase of 34.6% from the February 28th total of 1,300,000 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average daily volume of 672,000 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

Several research analysts recently commented on SNX shares. The Goldman Sachs Group lowered their target price on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research note on Friday. Royal Bank of Canada boosted their price target on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Barrington Research reissued an “outperform” rating and issued a $156.00 price objective on shares of TD SYNNEX in a research report on Friday. UBS Group lowered their target price on shares of TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Friday. Finally, StockNews.com downgraded TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.00.

TD SYNNEX Stock Performance

SNX traded down $0.19 during trading on Tuesday, hitting $103.77. 1,423,131 shares of the stock were exchanged, compared to its average volume of 760,643. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. TD SYNNEX has a 1-year low of $98.00 and a 1-year high of $145.10. The stock has a fifty day moving average price of $134.27 and a two-hundred day moving average price of $125.64. The firm has a market capitalization of $8.76 billion, a P/E ratio of 13.04, a PEG ratio of 1.06 and a beta of 1.51.

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

TD SYNNEX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, April 11th. TD SYNNEX’s dividend payout ratio is presently 22.11%.

Insider Buying and Selling at TD SYNNEX

In related news, CFO Marshall Witt sold 1,510 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $128.08, for a total transaction of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares of the company’s stock, valued at $6,383,891.44. This represents a 2.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the transaction, the director now directly owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,172 shares of company stock valued at $6,353,261 over the last quarter. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

Several institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of TD SYNNEX in the 4th quarter worth $121,199,000. Ninety One UK Ltd raised its stake in shares of TD SYNNEX by 75.4% during the 4th quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider’s stock worth $277,316,000 after buying an additional 1,016,251 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of TD SYNNEX by 343.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after purchasing an additional 937,040 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of TD SYNNEX by 37.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after purchasing an additional 813,634 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of 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 worth $201,235,000 after purchasing an additional 547,692 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

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.