Short Interest in TD SYNNEX Co. (NYSE:SNX) Drops By 20.0%

TD SYNNEX Co. (NYSE:SNX - Get Free Report) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 1,200,000 shares, a drop of 20.0% from the January 15th total of 1,500,000 shares. Based on an average trading volume of 646,100 shares, the short-interest ratio is currently 1.9 days.

TD SYNNEX Stock Performance

Shares of NYSE SNX traded down $1.24 during midday trading on Wednesday, hitting $143.46. 240,158 shares of the company's stock traded hands, compared to its average volume of 658,755. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24. The stock has a market capitalization of $12.10 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.07 and a beta of 1.49. The firm has a fifty day moving average of $131.40 and a 200 day moving average of $122.79. TD SYNNEX has a 1 year low of $99.95 and a 1 year high of $145.10.

TD SYNNEX Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were given a $0.44 dividend. The ex-dividend date was Friday, January 24th. This is an increase from TD SYNNEX's previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a yield of 1.23%. TD SYNNEX's dividend payout ratio (DPR) is presently 22.11%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SNX. Royal Bank of Canada reissued an "outperform" rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Wednesday, January 15th. StockNews.com raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. boosted their price objective on shares of TD SYNNEX from $135.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, January 13th. Cfra raised TD SYNNEX from a "hold" rating to a "buy" rating and lifted their target price for the stock from $122.00 to $147.00 in a report on Friday, January 10th. Finally, Barclays increased their price objective on TD SYNNEX from $132.00 to $148.00 and gave the company an "equal weight" rating in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $144.38.

Insider Activity at TD SYNNEX

In related news, CEO Patrick Zammit sold 6,823 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $143.00, for a total transaction of $975,689.00. Following the completion of the transaction, the chief executive officer now owns 165,604 shares of the company's stock, valued at $23,681,372. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marshall Witt sold 1,510 shares of the business's stock in a transaction on Wednesday, December 18th. The stock was 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 directly owns 48,362 shares in the company, valued at $5,858,089.06. This trade represents a 3.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,289 shares of company stock valued at $3,639,500 in the last three months. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bartlett & CO. Wealth Management LLC lifted its position in TD SYNNEX by 345.1% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider's stock valued at $27,000 after purchasing an additional 176 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of TD SYNNEX by 174.7% in the fourth quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock worth $28,000 after buying an additional 152 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of TD SYNNEX during the 3rd quarter valued at about $30,000. UMB Bank n.a. increased its holdings in TD SYNNEX by 48.4% in the 4th quarter. UMB Bank n.a. now owns 429 shares of the business services provider's stock worth $50,000 after acquiring an additional 140 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in TD SYNNEX during the 3rd quarter worth approximately $55,000. Hedge funds and other 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.