TD SYNNEX (NYSE:SNX) Issues Q2 Earnings Guidance

TD SYNNEX (NYSE:SNX) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $2.50-3.00 for the period, compared to the consensus EPS estimate of $2.78. The company issued revenue guidance of $13.3-14.9 billion, compared to the consensus revenue estimate of $14.26 billion. TD SYNNEX also updated its Q2 2024 guidance to 2.500-3.000 EPS.

TD SYNNEX Trading Up 3.3 %

TD SYNNEX stock opened at $116.03 on Thursday. The stock has a market cap of $10.34 billion, a PE ratio of 16.84, a P/E/G ratio of 1.07 and a beta of 1.63. The stock has a 50-day moving average price of $103.43 and a 200 day moving average price of $100.94. TD SYNNEX has a 52 week low of $86.30 and a 52 week high of $116.05. The company has a current ratio of 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.57. The firm had revenue of $14.41 billion during the quarter, compared to analysts’ expectations of $14.54 billion. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $3.30 EPS. Equities research analysts predict that TD SYNNEX will post 11.17 earnings per share for the current fiscal year.

TD SYNNEX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.38%. The ex-dividend date is Thursday, April 11th. TD SYNNEX’s dividend payout ratio (DPR) is 23.22%.

Analysts Set New Price Targets

Several analysts have commented on SNX shares. JPMorgan Chase & Co. cut TD SYNNEX from an overweight rating to a neutral rating and lifted their price target for the company from $112.00 to $113.00 in a report on Monday, January 8th. Cfra lifted their price target on TD SYNNEX from $110.00 to $113.00 and gave the company a hold rating in a report on Tuesday. Barclays lifted their price objective on TD SYNNEX from $111.00 to $118.00 and gave the company an equal weight rating in a research note on Wednesday. Royal Bank of Canada reaffirmed a sector perform rating and issued a $118.00 price objective (up from $110.00) on shares of TD SYNNEX in a research note on Wednesday. Finally, StockNews.com raised TD SYNNEX from a hold rating to a buy rating in a research note on Thursday, December 21st. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $114.33.

Insider Buying and Selling

In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $105.57, for a total transaction of $1,055,700.00. Following the sale, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $24,213,851.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other TD SYNNEX news, major shareholder Apollo Management Holdings Gp, sold 2,250,000 shares of TD SYNNEX stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $101.50, for a total transaction of $228,375,000.00. Following the sale, the insider now directly owns 26,153,049 shares in the company, valued at approximately $2,654,534,473.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard T. Hume sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $105.57, for a total value of $1,055,700.00. Following the completion of the sale, the chief executive officer now owns 229,363 shares of the company’s stock, valued at $24,213,851.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,289,905 shares of company stock valued at $232,556,362. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors have recently made changes to their positions in SNX. Apollo Management Holdings L.P. bought a new stake in shares of TD SYNNEX in the 1st quarter valued at approximately $3,622,519,000. AQR Capital Management LLC increased its holdings in shares of TD SYNNEX by 330.6% in the 1st quarter. AQR Capital Management LLC now owns 679,948 shares of the business services provider’s stock valued at $64,738,000 after acquiring an additional 522,055 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of TD SYNNEX by 7.4% in the 4th quarter. Vanguard Group Inc. now owns 5,379,928 shares of the business services provider’s stock valued at $578,934,000 after acquiring an additional 371,322 shares during the last quarter. Norges Bank bought a new stake in shares of TD SYNNEX in the 4th quarter valued at approximately $34,999,000. Finally, Cubist Systematic Strategies LLC grew its stake in TD SYNNEX by 2,703.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 243,630 shares of the business services provider’s stock worth $23,581,000 after buying an additional 234,941 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

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.