Alliancebernstein L.P. Grows Stock Position in TD SYNNEX Co. (NYSE:SNX)

Alliancebernstein L.P. lifted its stake in TD SYNNEX Co. (NYSE:SNX) by 6.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,102,838 shares of the business services provider’s stock after buying an additional 65,641 shares during the quarter. Alliancebernstein L.P.’s holdings in TD SYNNEX were worth $129,341,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in TD SYNNEX by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 68,289 shares of the business services provider’s stock worth $8,200,000 after purchasing an additional 746 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of TD SYNNEX by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,005 shares of the business services provider’s stock valued at $1,922,000 after purchasing an additional 1,120 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in TD SYNNEX by 1.3% during the third quarter. Rockefeller Capital Management L.P. now owns 11,227 shares of the business services provider’s stock worth $1,348,000 after buying an additional 141 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in TD SYNNEX during the third quarter valued at $203,000. Finally, Paloma Partners Management Co acquired a new stake in TD SYNNEX during the third quarter valued at $264,000. 84.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Patrick Zammit sold 6,823 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total transaction of $975,689.00. Following the completion of the sale, the chief executive officer now owns 165,604 shares in the company, valued at $23,681,372. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the transaction, the director now owns 111,080 shares in the company, valued at $13,065,229.60. This represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,172 shares of company stock worth $6,353,261 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

TD SYNNEX Stock Performance

NYSE SNX opened at $106.73 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76. TD SYNNEX Co. has a 1-year low of $98.00 and a 1-year high of $145.10. The company has a market cap of $9.00 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51. The stock’s 50 day simple moving average is $133.58 and its 200-day simple moving average is $125.50.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Thursday, March 27th. The business services provider reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.07). TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The firm had revenue of $14.53 billion during the quarter, compared to analysts’ expectations of $14.79 billion. During the same quarter in the previous year, the business posted $2.99 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities research analysts anticipate that TD SYNNEX Co. will post 11.88 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be issued a $0.44 dividend. The ex-dividend date is Friday, April 11th. This represents a $1.76 dividend on an annualized basis and a yield of 1.65%. TD SYNNEX’s payout ratio is 21.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays lowered their target price on shares of TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Friday, March 28th. JPMorgan Chase & Co. reduced their price target on TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating for the company in a report on Friday, March 28th. The Goldman Sachs Group dropped their price objective on TD SYNNEX from $154.00 to $137.00 and set a “buy” rating on the stock in a report on Friday, March 28th. UBS Group reduced their target price on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Friday, March 28th. Finally, Royal Bank of Canada lifted their price target on shares of TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $140.00.

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.