TD SYNNEX (NYSE:SNX) Shares Gap Down After Earnings Miss

TD SYNNEX Co. (NYSE:SNX – Free Report) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $97.70, but opened at $91.12. TD SYNNEX shares last traded at $90.89, with a volume of 120,290 shares traded.

The business services provider reported $2.43 EPS for the quarter, missing analysts’ consensus estimates of $2.55 by ($0.12). The company had revenue of $14.06 billion for the quarter, compared to analysts’ expectations of $14.42 billion. TD SYNNEX had a return on equity of 13.80% and a net margin of 1.11%. The company’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.66 EPS.

TD SYNNEX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 14th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, July 13th. TD SYNNEX’s payout ratio is 19.94%.

Wall Street Analysts Forecast Growth

Want More Great Investing Ideas?

A number of brokerages have issued reports on SNX. TheStreet raised TD SYNNEX from a “c+” rating to a “b-” rating in a research note on Friday, April 14th. StockNews.com lowered TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Thursday, June 8th. Royal Bank of Canada decreased their price target on TD SYNNEX from $110.00 to $98.00 in a research note on Wednesday. Stifel Nicolaus decreased their price target on TD SYNNEX from $120.00 to $110.00 in a research note on Tuesday, March 28th. Finally, Bank of America decreased their price target on TD SYNNEX from $120.00 to $115.00 in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $111.09.

Insider Buying and Selling

In related news, CFO Marshall Witt sold 603 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $95.06, for a total transaction of $57,321.18. Following the transaction, the chief financial officer now directly owns 51,495 shares of the company’s stock, valued at approximately $4,895,114.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Simon Leung sold 10,174 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $88.47, for a total transaction of $900,093.78. Following the transaction, the insider now directly owns 32,931 shares of the company’s stock, valued at approximately $2,913,405.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 603 shares of TD SYNNEX stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $95.06, for a total value of $57,321.18. Following the sale, the chief financial officer now owns 51,495 shares in the company, valued at $4,895,114.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,998 shares of company stock valued at $4,041,355. Corporate insiders own 1.70% 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 business. Brandywine Global Investment Management LLC purchased a new stake in TD SYNNEX during the 1st quarter worth approximately $5,830,000. Toroso Investments LLC purchased a new stake in TD SYNNEX during the 1st quarter worth approximately $209,000. JPMorgan Chase & Co. increased its holdings in TD SYNNEX by 3.5% during the 1st quarter. JPMorgan Chase & Co. now owns 990,206 shares of the business services provider’s stock worth $95,840,000 after purchasing an additional 33,893 shares during the last quarter. New York State Common Retirement Fund increased its holdings in TD SYNNEX by 22.0% during the 1st quarter. New York State Common Retirement Fund now owns 106,643 shares of the business services provider’s stock worth $10,322,000 after purchasing an additional 19,199 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in TD SYNNEX by 508.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 5,604 shares of the business services provider’s stock worth $541,000 after purchasing an additional 4,683 shares during the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

TD SYNNEX Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.73 and a current ratio of 1.26. The firm has a market capitalization of $8.57 billion, a P/E ratio of 12.93, a P/E/G ratio of 1.01 and a beta of 1.63. The stock has a fifty day moving average price of $91.13 and a two-hundred day moving average price of $95.67.

About TD SYNNEX

(Free Report)

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.