Zimmer Partners LP Acquires Shares of 100,000 TD SYNNEX Co. (NYSE:SNX)

Zimmer Partners LP acquired a new stake in TD SYNNEX Co. (NYSE:SNX) in the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 100,000 shares of the business services provider’s stock, valued at approximately $9,679,000.

Other large investors also recently added to or reduced their stakes in the company. CoreCap Advisors LLC purchased a new stake in TD SYNNEX in the 4th quarter valued at about $33,000. Dark Forest Capital Management LP purchased a new stake in shares of TD SYNNEX in the 4th quarter worth approximately $38,000. Nomura Asset Management Co. Ltd. lifted its position in shares of TD SYNNEX by 95.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 410 shares of the business services provider’s stock worth $40,000 after purchasing an additional 200 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of TD SYNNEX by 99.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 436 shares of the business services provider’s stock worth $42,000 after purchasing an additional 217 shares during the period. Finally, Advisors Asset Management Inc. purchased a new stake in shares of TD SYNNEX in the 1st quarter worth approximately $51,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

TD SYNNEX Stock Performance

Shares of NYSE:SNX traded up $0.94 during midday trading on Monday, reaching $99.96. The company’s stock had a trading volume of 109,395 shares, compared to its average volume of 418,549. The firm has a market capitalization of $9.37 billion, a PE ratio of 14.16, a P/E/G ratio of 1.13 and a beta of 1.61. TD SYNNEX Co. has a twelve month low of $78.86 and a twelve month high of $111.57. The stock has a fifty day moving average of $98.42 and a 200 day moving average of $94.50. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.46.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, June 27th. The business services provider reported $2.43 earnings per share for the quarter, missing analysts’ consensus estimates of $2.55 by ($0.12). The business had revenue of $14.06 billion during the quarter, compared to analyst estimates of $14.42 billion. TD SYNNEX had a return on equity of 13.25% and a net margin of 1.10%. The firm’s revenue was down 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.66 EPS. On average, equities analysts expect that TD SYNNEX Co. will post 10.46 EPS for the current fiscal year.

TD SYNNEX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, July 13th. This represents a $1.40 annualized dividend and a yield of 1.40%. TD SYNNEX’s dividend payout ratio is presently 19.94%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SNX shares. Bank of America lowered their price target on shares of TD SYNNEX from $120.00 to $115.00 in a research report on Wednesday, June 28th. StockNews.com assumed coverage on shares of TD SYNNEX in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Credit Suisse Group decreased their target price on shares of TD SYNNEX from $106.00 to $90.00 in a research report on Wednesday, June 28th. Loop Capital decreased their target price on shares of TD SYNNEX from $150.00 to $120.00 in a research report on Wednesday, July 5th. Finally, Barrington Research decreased their target price on shares of TD SYNNEX from $120.00 to $115.00 in a research report on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, TD SYNNEX presently has an average rating of “Moderate Buy” and a consensus price target of $108.27.

Insider Activity at TD SYNNEX

In related news, CEO Richard T. Hume sold 15,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $92.61, for a total transaction of $1,389,150.00. Following the sale, the chief executive officer now owns 178,150 shares in the company, valued at $16,498,471.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other TD SYNNEX news, insider Dennis Polk sold 8,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $92.60, for a total transaction of $740,800.00. Following the transaction, the insider now directly owns 132,402 shares of the company’s stock, valued at $12,260,425.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Richard T. Hume sold 15,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $92.61, for a total transaction of $1,389,150.00. Following the transaction, the chief executive officer now directly owns 178,150 shares in the company, valued at $16,498,471.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,355,287 shares of company stock worth $222,734,457. 1.70% of the stock is owned by company insiders.

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.