Massachusetts Financial Services Co. MA lessened its holdings in Tech Data Corp (NASDAQ:TECD) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,639 shares of the company’s stock after selling 7,216 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.37% of Tech Data worth $10,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently bought and sold shares of TECD. BlackRock Inc. grew its stake in shares of Tech Data by 8.1% during the 2nd quarter. BlackRock Inc. now owns 4,219,435 shares of the company’s stock worth $346,500,000 after acquiring an additional 317,967 shares during the period. BTIM Corp. bought a new position in shares of Tech Data during the 2nd quarter worth $25,114,000. Acadian Asset Management LLC bought a new position in shares of Tech Data during the 2nd quarter worth $20,618,000. LSV Asset Management grew its stake in shares of Tech Data by 11.2% during the 2nd quarter. LSV Asset Management now owns 1,677,717 shares of the company’s stock worth $137,774,000 after acquiring an additional 169,337 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Tech Data by 4.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,171,615 shares of the company’s stock worth $260,454,000 after acquiring an additional 121,200 shares during the period. Institutional investors own 95.38% of the company’s stock.
Several research analysts have recently weighed in on TECD shares. Needham & Company LLC cut their price target on Tech Data from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, August 31st. BidaskClub upgraded Tech Data from a “hold” rating to a “buy” rating in a research note on Wednesday. TheStreet downgraded Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. Zacks Investment Research downgraded Tech Data from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Finally, Citigroup cut their price target on Tech Data from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, August 31st. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $100.14.
Shares of TECD opened at $75.63 on Wednesday. The stock has a market cap of $2.91 billion, a P/E ratio of 8.30, a P/E/G ratio of 1.01 and a beta of 0.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.28. Tech Data Corp has a 52-week low of $66.93 and a 52-week high of $108.62.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings data on Thursday, August 30th. The company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.10). The company had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.73 billion. Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the company posted $1.74 EPS. As a group, research analysts expect that Tech Data Corp will post 9.96 EPS for the current year.
Tech Data announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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About Tech Data
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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