South Dakota Investment Council Increases Stake in TD SYNNEX

The South Dakota Investment Council has recently raised its investment in TD SYNNEX Co. (NYSE:SNX) by 8.5% during the fourth quarter, as outlined in its latest filing with the Securities and Exchange Commission (SEC). Following this purchase, the institutional investor now holds a total of 72,668 shares of the business services provider, having acquired an additional 5,692 shares during the quarter. As of its most recent filing, the South Dakota Investment Council’s holdings in TD SYNNEX are valued at approximately $8,523,000, which represents roughly 0.09% of the company's total stock.

Several other institutional investors have also adjusted their positions in TD SYNNEX. For example, Pathstone Holdings LLC increased its stake by 45.2% in the third quarter, now owning 18,300 shares valued at $2,197,000 after acquiring an extra 5,698 shares. Similarly, JPMorgan Chase & Co. augmented its position by 37.0%, owning 3,012,219 shares worth $361,707,000 after buying 813,634 shares in the same period. Allspring Global Investments Holdings LLC notably raised its stake by 170.1%, holding 81,714 shares valued at $9,812,000 after purchasing an additional 51,465 shares. Assenagon Asset Management S.A. has also entered a new position valued at around $2,260,000 during the fourth quarter. In total, institutional investors hold about 84.00% of the shares in TD SYNNEX.

Market Analysts Project Positive Outlook

Market analysts have shared optimistic outlooks regarding TD SYNNEX. A recent report from Barclays increased the target price for TD SYNNEX shares from $132.00 to $148.00, maintaining an "equal weight" rating. Additionally, Cfra upgraded their recommendation from a "hold" to a "buy," raising the price target from $122.00 to $147.00. Meanwhile, JPMorgan Chase & Co. also increased their target from $135.00 to $150.00, labeling the stock as "neutral." StockNews.com recently re-rated TD SYNNEX from a "hold" to a "buy" rating. Furthermore, Royal Bank of Canada adjusted their price target from $140.00 to $165.00 while maintaining an "outperform" rating. Out of the analysts monitoring the stock, two have issued a "hold" rating while seven have given it a "buy" rating, resulting in a consensus rating of "Moderate Buy" and an average target price of $147.50 according to MarketBeat.

Insider Activity and Stock Performance

In recent insider trading news, Director Ann F. Vezina sold 839 shares of TD SYNNEX on January 16th for an average price of $136.08, totaling approximately $114,171.12. This transaction resulted in a 14.73% reduction of her position in the company. After the sale, she held 4,856 shares valued at about $660,804.48. Additionally, Director Richard T. Hume sold 20,000 shares on January 3rd at an average price of $117.62, culminating in a total transaction of $2,352,400. Following this sale, he retained 111,080 shares valued around $13,065,229.60, marking a 15.26% decrease in his holdings. Across the last quarter, insiders have collectively sold 29,289 shares, equating to approximately $3,639,500. At present, corporate insiders own about 1.90% of TD SYNNEX’s stock.

Current Stock Statistics

As of the latest market opening, TD SYNNEX stock trades at $141.61. The company’s fifty-day moving average is $132.56, while the 200-day moving average sits at $123.40. Currently, the firm has a market capitalization of $11.95 billion, with a P/E ratio of 17.79. The debt-to-equity ratio is recorded at 0.46, with a quick ratio of 0.76 and a current ratio of 1.24. Over the past year, TD SYNNEX shares have reached a low of $101.21 and a high of $145.10.

Dividend Announcement

Recently, TD SYNNEX announced a dividend payment, which was disbursed on January 31st. Shareholders recorded as of January 24th received a dividend of $0.44 per share, which is an increase from the previous dividend of $0.40. This represents an annualized dividend yield of 1.24%, totaling $1.76, while the dividend payout ratio stands at 22.11%.

About TD SYNNEX

TD SYNNEX Corporation functions as a distributor and solutions provider in the information technology (IT) sector. The company specializes in providing personal computing devices, memory technology, mobile accessories, and various data center solutions including hybrid cloud, security features, storage options, and networking capabilities.

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