Short Interest in TD SYNNEX Co. (NYSE:SNX) Drops By 29.1%

TD SYNNEX Co. (NYSE:SNX) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 1,440,000 shares, a drop of 29.1% from the December 15th total of 2,030,000 shares. Based on an average daily trading volume, of 610,100 shares, the short-interest ratio is currently 2.4 days.

Insider Transactions at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 1,510 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total value of $182,906.30. Following the completion of the sale, the chief financial officer now owns 48,362 shares in the company, valued at approximately $5,858,089.06. This trade represents a 3.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the transaction, the director now owns 111,080 shares in the company, valued at $13,065,229.60. The trade was a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,876 shares of company stock valued at $3,319,329. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several large investors have recently modified their holdings of the business. Hancock Whitney Corp increased its stake in TD SYNNEX by 57.9% during the 2nd quarter. Hancock Whitney Corp now owns 16,929 shares of the business services provider’s stock worth $1,954,000 after purchasing an additional 6,207 shares in the last quarter. Pathstone Holdings LLC boosted its holdings in shares of TD SYNNEX by 45.2% in the third quarter. Pathstone Holdings LLC now owns 18,300 shares of the business services provider’s stock valued at $2,197,000 after buying an additional 5,698 shares during the period. Intech Investment Management LLC acquired a new stake in shares of TD SYNNEX during the second quarter worth $1,634,000. The Manufacturers Life Insurance Company lifted its position in TD SYNNEX by 20.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,543 shares of the business services provider’s stock valued at $7,794,000 after acquiring an additional 11,589 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after purchasing an additional 813,634 shares during the period. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Trading Down 0.2 %

SNX traded down $0.32 during mid-day trading on Friday, hitting $136.86. The stock had a trading volume of 245,242 shares, compared to its average volume of 761,693. TD SYNNEX has a 1-year low of $98.70 and a 1-year high of $138.31. The firm has a market capitalization of $11.64 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.77. The stock’s fifty day simple moving average is $121.32 and its 200-day simple moving average is $118.42.

TD SYNNEX Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 24th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, January 24th. This is a positive change from TD SYNNEX’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a yield of 1.29%. TD SYNNEX’s payout ratio is currently 20.10%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SNX. Loop Capital reiterated a “buy” rating and issued a $150.00 price objective on shares of TD SYNNEX in a research report on Monday, October 7th. JPMorgan Chase & Co. raised their price target on TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Monday. StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a report on Tuesday. Barclays raised their target price on shares of TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Barrington Research restated an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a report on Monday, September 23rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, TD SYNNEX has a consensus rating of “Moderate Buy” and a consensus target price of $144.38.

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.