August 2, 2023 – The New York State Common Retirement Fund has announced an increase in its position in shares of TD SYNNEX Co. (NYSE:SNX) during the first quarter of this year. According to the company’s recent 13F filing with the Securities and Exchange Commission, the fund acquired an additional 19,199 shares, resulting in a 22.0% increase in its ownership of the business services provider’s stock.
With this latest acquisition, the New York State Common Retirement Fund now holds a total of 106,643 shares of TD SYNNEX, amounting to approximately 0.11% of the company’s worth which is valued at $10,322,000 as per its most recent filing.
The decision by the fund to increase its position in TD SYNNEX comes amidst recent analyst reports that have brought attention to the company. Barrington Research, for example, reduced their target price on TD SYNNEX shares from $120.00 to $115.00 in a research report released on June 28th. Similarly, Loop Capital also lowered its price target from $150.00 to $120.00 on July 5th.
Adding further confusion to market sentiment surrounding TD SYNNEX was StockNews.com’s downgrade of the stock from a “buy” rating to a “hold” rating on June 8th. Royal Bank of Canada then further reduced their target price from $98.00 to $97.00 on July 10th and Credit Suisse Group slashed theirs from $106.00 to $90.00 on June 28th.
Currently, five investment analysts have given a hold rating on TD SYNNEX shares while three have rated it as a buy and one has issued it a strong buy rating. Bloomberg reports that TD SYNNEX has an average rating of “Moderate Buy” with a consensus price target of $108.27.
On August 2nd, TD SYNNEX opened at $98.58 on the New York Stock Exchange (NYSE). The company has a market capitalization of $9.24 billion and exhibits a price-to-earnings (P/E) ratio of 14.04 along with a price-to-earnings growth (P/E/G) ratio of 1.13. Furthermore, it reflects a beta of 1.62, which indicates higher volatility compared to the market average.
Over the past year, TD SYNNEX has experienced fluctuating stock prices, with a 1-year low of $78.86 and a 1-year high of $111.57. However, despite these variations, the company maintains a favorable debt-to-equity ratio of 0.46 and boasts healthy liquidity ratios, including a current ratio of 1.30 and a quick ratio of 0.76.
In terms of moving averages, TD SYNNEX’s stock demonstrates stability as indicated by its 50-day simple moving average sitting at $94.98 and its 200-day simple moving average at $95.40.
As investors navigate through these perplexing reports and figures concerning TD SYNNEX Co., they will need to exercise careful consideration before making any investment decisions in order to maximize potential returns while minimizing risks in this dynamic market landscape.
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Institutional Investors Make Significant Changes to Holdings of TD SYNNEX, Key Executives Sell Company Stock
Analyzing the recent activity of TD SYNNEX, it is evident that several institutional investors and hedge funds have made significant modifications to their holdings of the company. CoreCap Advisors LLC, for instance, acquired a new position in TD SYNNEX shares during the fourth quarter, valued at approximately $33,000. Similarly, Dark Forest Capital Management LP acquired a new position in the company during the same period, valued at around $38,000.
These acquisitions were followed by Advisors Asset Management Inc., which also acquired a new position in TD SYNNEX during the first quarter at a value of about $51,000. Additionally, Covestor Ltd increased its position in the company by 91.5% during the same period. The firm now owns 697 shares of TD SYNNEX stock valued at $72,000 after acquiring an additional 333 shares in the last quarter.
Ronald Blue Trust Inc. also expanded its position in TD SYNNEX by 61.4% in the first quarter. Ronald Blue Trust now owns 707 shares of the company’s stock valued at $67,000 after purchasing an additional 269 shares.
Taking into account these investments by institutional investors and hedge funds, it is estimated that they now own around 84.54% of TD SYNNEX’s stock.
In addition to changes in stock ownership positions, there have been some notable sales by key executives within TD SYNNEX. CEO Richard T. Hume sold 15,000 shares of company stock on June 2nd for an average price of $91.83 per share, equating to a total value of approximately $1,377,450.
Following this sale transaction with his personal stocks, Hume’s overall holding reportedly amounts to more than 193,150 shares worth roughly $17.7 million.
Furthermore, CFO Marshall Witt sold 603 company shares on June 15th at an average price of $95.06 per share, totaling $57,321.18. As a result, Witt now owns 51,495 shares in the company, valued at roughly $4.9 million.
It is important to note that these sales were made in accordance with regulations set by the Securities and Exchange Commission (SEC), and detailed disclosures of these transactions can be found on the SEC website.
In total, corporate insiders have sold a significant number of TD SYNNEX stocks over the past three months: a staggering 2,339,205 shares valued at $220,973,224. Due to these insider sales alone, insiders now own 1.70% of the company’s stock.
Analyst reports regarding TD SYNNEX have recently garnered attention as well. Barrington Research released a report reducing their target price for TD SYNNEX from $120 to $115. Similarly, Loop Capital lowered their price target from $150 to $120.
StockNews.com downgraded its rating on TD SYNNEX from “buy” to “hold,” while Royal Bank of Canada reduced their target price from $98 to $97. Credit Suisse Group also cut its target price in June from $106 to $90.
In terms of overall ratings according to Bloomberg data, TD SYNNEX has an average rating labeled as “Moderate Buy,” with a consensus price target estimated at around $108.27.
Analyzing financial results released by TD SYNNEX on June 27th, it was revealed that the business services provider reported earnings per share (EPS) of $2.43 for the quarter. This fell short of market expectations of approximately $2.55 EPS by ($0.12). The company generated revenue totaling around $14.06 billion during this period compared to analyst estimates of approximately $14.42 billion.
TD SYNNEX experienced a decrease in net margin percentage to 1.10% and a return on equity of 13.25%. Furthermore, the company’s revenue in the quarter declined by 7.9% compared to the previous year. However, during the same period last year, TD SYNNEX reported earnings per share of $2.66.
Equity analysts predict that TD SYNNEX will post an EPS of 10.46 for the current fiscal year.
TD SYNNEX also announced a quarterly dividend, which was paid out on July 28th. Shareholders who were recorded as of July 14th received a dividend of $0.35 per share. On an annualized basis, this amounts to a dividend of $1.40 with a yield of approximately 1.42%. The ex-dividend date occurred on July 13th.
With a payout ratio standing at around 19.94%, TD SYNNEX continues to provide returns to its shareholders through dividends.
In conclusion, recent activities within TD SYNNEX have seen institutional investors and hedge funds modify their holdings significantly. Moreover, key executives have made noteworthy sales of company stock with disclosures made in accordance with SEC regulations.
Analyst reports suggest mixed opinions regarding TD SYNNEX, with some decreasing their target prices and ratings for the company
