TD SYNNEX Co. (NYSE:SNX) Raises Dividend to $0.44 Per Share

TD SYNNEX Co. (NYSE:SNX) announced a quarterly dividend on Friday, January 10th,Wall Street Journal reports. Stockholders of record on Friday, January 24th will be paid a dividend of 0.44 per share by the business services provider on Friday, January 31st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, January 24th. This is an increase from TD SYNNEX’s previous quarterly dividend of $0.40.

TD SYNNEX has increased its dividend payment by an average of 26.0% annually over the last three years. TD SYNNEX has a dividend payout ratio of 12.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect TD SYNNEX to earn $13.51 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 13.0%.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $140.85 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average price is $122.27 and its two-hundred day moving average price is $119.05. The company has a market cap of $11.99 billion, a PE ratio of 17.69, a price-to-earnings-growth ratio of 1.02 and a beta of 1.46. TD SYNNEX has a twelve month low of $98.70 and a twelve month high of $142.13.

Insider Buying and Selling at TD SYNNEX

In other news, CFO Marshall Witt sold 1,510 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $121.13, for a total value of $182,906.30. Following the completion of the transaction, the chief financial officer now directly owns 48,362 shares in the company, valued at approximately $5,858,089.06. The trade was a 3.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the sale, the director now owns 111,080 shares in the company, valued at $13,065,229.60. This represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,715 shares of company stock valued at $3,433,500 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Cfra raised TD SYNNEX from a “hold” rating to a “buy” rating and boosted their target price for the stock from $122.00 to $147.00 in a report on Friday, January 10th. JPMorgan Chase & Co. upped their price objective on shares of TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Monday, January 13th. Loop Capital reaffirmed a “buy” rating and set a $150.00 target price on shares of TD SYNNEX in a report on Monday, October 7th. Barclays upped their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of TD SYNNEX in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, TD SYNNEX currently has a consensus rating of “Moderate Buy” and an average price target of $144.38.

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.