TD SYNNEX (NYSE:SNX) Reaches New 12-Month Low After Earnings Miss

TD SYNNEX Co. (NYSE:SNX - Get Free Report) hit a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $98.00 and last traded at $100.88, with a volume of 145646 shares trading hands. The stock had previously closed at $125.46.

The business services provider reported $2.80 EPS for the quarter, missing analysts' consensus estimates of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to analyst estimates of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $2.99 EPS.

TD SYNNEX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Friday, April 11th. TD SYNNEX's dividend payout ratio is presently 22.11%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SNX shares. Royal Bank of Canada raised 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. Cfra cut their target price on shares of TD SYNNEX from $147.00 to $132.00 and set a "buy" rating on the stock in a research report on Friday. The Goldman Sachs Group dropped their price target on TD SYNNEX from $154.00 to $137.00 and set a "buy" rating for the company in a research note on Friday. UBS Group cut their price objective on TD SYNNEX from $150.00 to $138.00 and set a "buy" rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. lowered their target price on TD SYNNEX from $150.00 to $125.00 and set a "neutral" rating for the company in a report on Friday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $140.00.

Insider Transactions at TD SYNNEX

In related news, Director Ann F. Vezina sold 839 shares of the firm's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $136.08, for a total transaction of $114,171.12. Following the completion of the sale, the director now owns 4,856 shares of the company's stock, valued at $660,804.48. This trade represents a 14.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Marshall Witt sold 1,510 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total value of $193,400.80. Following the transaction, the chief financial officer now owns 49,843 shares in the company, valued at $6,383,891.44. The trade was a 2.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,172 shares of company stock valued at $6,353,261. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of TD SYNNEX by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 7,685,224 shares of the business services provider's stock valued at $901,323,000 after buying an additional 29,659 shares during the period. FMR LLC increased its holdings in shares of TD SYNNEX by 3.2% during the fourth quarter. FMR LLC now owns 7,663,179 shares of the business services provider's stock valued at $898,738,000 after acquiring an additional 237,587 shares in the last quarter. Brave Warrior Advisors LLC raised its position in shares of TD SYNNEX by 12.2% during the fourth quarter. Brave Warrior Advisors LLC now owns 4,147,172 shares of the business services provider's stock worth $486,380,000 after purchasing an additional 451,557 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of TD SYNNEX by 10.7% in the 4th quarter. JPMorgan Chase & Co. now owns 3,335,501 shares of the business services provider's stock worth $391,188,000 after purchasing an additional 323,282 shares in the last quarter. Finally, Ninety One UK Ltd grew its position in TD SYNNEX by 75.4% in the 4th quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider's stock valued at $277,316,000 after purchasing an additional 1,016,251 shares during the period. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Stock Down 1.0 %

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's 50 day simple moving average is $135.67 and its 200 day simple moving average is $125.75. The firm has a market cap of $8.74 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51.

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.