Schroder Investment Management Group lessened its position in Tech Data Corp (NASDAQ:TECD) by 37.0% in the third quarter, HoldingsChannel.com reports. The fund owned 90,100 shares of the company’s stock after selling 53,007 shares during the quarter. Schroder Investment Management Group’s holdings in Tech Data were worth $6,448,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Stevens Capital Management LP purchased a new position in shares of Tech Data during the second quarter valued at approximately $221,000. Quantitative Systematic Strategies LLC purchased a new position in shares of Tech Data during the second quarter valued at approximately $230,000. Country Club Trust Company n.a. purchased a new position in shares of Tech Data during the second quarter valued at approximately $333,000. Alps Advisors Inc. purchased a new position in shares of Tech Data during the second quarter valued at approximately $363,000. Finally, Jaffetilchin Investment Partners LLC purchased a new position in shares of Tech Data during the third quarter valued at approximately $366,000. 97.12% of the stock is currently owned by institutional investors.
TECD has been the topic of several analyst reports. Bank of America cut Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 target price on the stock. in a research report on Friday, August 31st. BidaskClub cut Tech Data from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. Needham & Company LLC cut their target price on Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 31st. ValuEngine raised Tech Data from a “strong sell” rating to a “sell” rating in a research report on Friday, November 16th. Finally, Zacks Investment Research cut Tech Data from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Tech Data has a consensus rating of “Hold” and a consensus price target of $99.86.
Shares of Tech Data stock opened at $83.89 on Thursday. The firm has a market cap of $3.22 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 0.90 and a beta of 0.74. Tech Data Corp has a 12 month low of $66.93 and a 12 month high of $108.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.85 and a current ratio of 1.24.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, November 29th. The company reported $3.02 EPS for the quarter, topping the Zacks’ consensus estimate of $2.17 by $0.85. The business had revenue of $9.34 billion for the quarter, compared to analyst estimates of $8.92 billion. Tech Data had a return on equity of 13.92% and a net margin of 0.59%. Tech Data’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $2.00 earnings per share. Research analysts anticipate that Tech Data Corp will post 10.7 EPS for the current year.
Tech Data announced that its Board of Directors has initiated a stock buyback plan on Tuesday, October 2nd that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Tech Data news, Director Charles E. Adair sold 2,715 shares of the business’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $90.72, for a total value of $246,304.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.
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Tech Data Company Profile
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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