TD SYNNEX (NYSE:SNX) Stock Rating Lowered by StockNews.com

TD SYNNEX (NYSE:SNX) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other brokerages have also recently weighed in on SNX. JPMorgan Chase & Co. dropped their price objective on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Royal Bank of Canada raised TD SYNNEX from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $135.00 to $140.00 in a report on Monday, July 15th. Barrington Research reaffirmed an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a report on Wednesday, June 26th. Bank of America dropped their price objective on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Finally, UBS Group lifted their price objective on TD SYNNEX from $145.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $127.33.

TD SYNNEX Stock Performance

NYSE:SNX traded up $1.80 during mid-day trading on Thursday, hitting $111.17. 526,939 shares of the stock were exchanged, compared to its average volume of 885,600. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 15.57, a price-to-earnings-growth ratio of 1.13 and a beta of 1.52. The firm’s 50-day simple moving average is $119.94 and its 200 day simple moving average is $114.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.78 and a current ratio of 1.26. TD SYNNEX has a fifty-two week low of $89.73 and a fifty-two week high of $133.85.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.66 by ($0.05). The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $14.12 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. As a group, equities analysts anticipate that TD SYNNEX will post 11.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Zammit sold 3,513 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $113.28, for a total transaction of $397,952.64. Following the sale, the chief operating officer now owns 140,205 shares in the company, valued at approximately $15,882,422.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Patrick Zammit sold 3,513 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $113.28, for a total transaction of $397,952.64. Following the sale, the chief operating officer now owns 140,205 shares in the company, valued at approximately $15,882,422.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dennis Polk sold 20,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.66, for a total value of $2,313,200.00. Following the sale, the insider now owns 134,706 shares in the company, valued at approximately $15,580,095.96. The disclosure for this sale can be found here. Insiders have sold 35,071 shares of company stock worth $3,985,182 in the last 90 days. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB grew its position in shares of TD SYNNEX by 38.5% in the 1st quarter. Nordea Investment Management AB now owns 1,518,406 shares of the business services provider’s stock valued at $172,081,000 after buying an additional 421,908 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of TD SYNNEX by 63.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock valued at $17,756,000 after buying an additional 64,024 shares during the last quarter. Norges Bank bought a new stake in shares of TD SYNNEX in the 4th quarter valued at about $79,506,000. Principal Financial Group Inc. grew its position in shares of TD SYNNEX by 1.9% in the 4th quarter. Principal Financial Group Inc. now owns 733,239 shares of the business services provider’s stock valued at $78,904,000 after buying an additional 13,730 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of TD SYNNEX in the 1st quarter valued at about $57,981,000. Institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.