Royal Bank of Canada Reiterates “Sector Perform” Rating for TD SYNNEX (NYSE:SNX)

TD SYNNEX (NYSE:SNX)‘s stock had its “sector perform” rating reissued by research analysts at Royal Bank of Canada in a research report issued on Wednesday, Benzinga reports. They currently have a $135.00 price target on the business services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 16.84% from the company’s previous close.

Several other brokerages have also recently weighed in on SNX. Barrington Research reissued an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of TD SYNNEX from $113.00 to $126.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Cfra increased their price target on shares of TD SYNNEX from $110.00 to $113.00 and gave the company a “hold” rating in a research report on Tuesday, March 26th. Barclays increased their price target on shares of TD SYNNEX from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 27th. Finally, Bank of America increased their price target on shares of TD SYNNEX from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.82.

TD SYNNEX Price Performance

SNX stock opened at $115.54 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.75 and a current ratio of 1.22. TD SYNNEX has a 52 week low of $89.73 and a 52 week high of $133.85. The firm’s fifty day moving average is $124.68 and its 200 day moving average is $112.51. The firm has a market cap of $10.29 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.13 and a beta of 1.55.

TD SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, March 26th. The business services provider reported $2.83 EPS for the quarter, beating the consensus estimate of $2.71 by $0.12. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.22%. The company had revenue of $13.98 billion for the quarter, compared to analyst estimates of $14.37 billion. Research analysts predict that TD SYNNEX will post 11.38 earnings per share for the current year.

Insider Transactions at TD SYNNEX

In related news, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $115.79, for a total value of $1,157,900.00. Following the completion of the transaction, the chief executive officer now directly owns 219,363 shares in the company, valued at approximately $25,400,041.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $115.79, for a total value of $1,157,900.00. Following the completion of the transaction, the chief executive officer now directly owns 219,363 shares in the company, valued at approximately $25,400,041.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dennis Polk sold 20,000 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $118.10, for a total transaction of $2,362,000.00. Following the completion of the transaction, the insider now owns 134,706 shares of the company’s stock, valued at $15,908,778.60. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of TD SYNNEX

Institutional investors and hedge funds have recently bought and sold shares of the company. Diversified Trust Co increased its stake in TD SYNNEX by 15.9% during the 4th quarter. Diversified Trust Co now owns 2,989 shares of the business services provider’s stock valued at $322,000 after purchasing an additional 409 shares in the last quarter. Norges Bank bought a new stake in TD SYNNEX during the 4th quarter valued at about $79,506,000. Principal Financial Group Inc. increased its stake in TD SYNNEX by 1.9% during 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 purchasing an additional 13,730 shares in the last quarter. Raymond James Trust N.A. increased its stake in TD SYNNEX by 9.0% during the 4th quarter. Raymond James Trust N.A. now owns 3,613 shares of the business services provider’s stock valued at $389,000 after purchasing an additional 297 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in TD SYNNEX by 8.5% during the 4th quarter. New York State Common Retirement Fund now owns 140,371 shares of the business services provider’s stock valued at $15,105,000 after purchasing an additional 10,947 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

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.