TD SYNNEX (NYSE:SNX) Updates FY22 Earnings Guidance

TD SYNNEX (NYSE:SNXGet Rating) updated its FY22 earnings guidance on Tuesday. The company provided earnings per share guidance of $11.15-11.65 for the period, compared to the consensus earnings per share estimate of $11.49. TD SYNNEX also updated its FY 2022 guidance to $11.15-$11.65 EPS.

A number of research firms recently weighed in on SNX. Stifel Nicolaus upgraded TD SYNNEX from a hold rating to a buy rating and set a $125.00 price target on the stock in a research note on Thursday, April 14th. Raymond James boosted their target price on TD SYNNEX from $170.00 to $175.00 and gave the stock a strong-buy rating in a research report on Friday, March 25th. Citigroup decreased their target price on TD SYNNEX from $165.00 to $150.00 and set a buy rating on the stock in a research report on Wednesday. Finally, StockNews.com initiated coverage on TD SYNNEX in a research report on Thursday, March 31st. They set a hold rating on the stock. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $144.71.

Shares of NYSE SNX traded down $0.56 during trading on Thursday, reaching $89.93. The company had a trading volume of 1,073 shares, compared to its average volume of 345,401. TD SYNNEX has a twelve month low of $89.07 and a twelve month high of $130.93. The stock has a market capitalization of $8.64 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 0.83 and a beta of 1.60. The stock has a 50-day moving average price of $98.92 and a two-hundred day moving average price of $103.76. The company has a current ratio of 1.25, a quick ratio of 0.73 and a debt-to-equity ratio of 0.49.

TD SYNNEX (NYSE:SNXGet Rating) last released its quarterly earnings results on Tuesday, June 28th. The business services provider reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.65 by $0.07. TD SYNNEX had a return on equity of 14.87% and a net margin of 1.04%. The company had revenue of $15.27 billion during the quarter, compared to analysts’ expectations of $15.25 billion. During the same period in the previous year, the firm posted $2.00 earnings per share. The business’s revenue for the quarter was up 160.7% compared to the same quarter last year. On average, sell-side analysts predict that TD SYNNEX will post 11 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Friday, July 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $1.20 annualized dividend and a yield of 1.33%. TD SYNNEX’s payout ratio is currently 19.35%.

In other news, CFO Marshall Witt sold 910 shares of the company’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $95.45, for a total value of $86,859.50. Following the completion of the sale, the chief financial officer now owns 45,887 shares of the company’s stock, valued at $4,379,914.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard T. Hume sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $105.44, for a total value of $1,054,400.00. Following the completion of the sale, the chief executive officer now directly owns 147,747 shares of the company’s stock, valued at approximately $15,578,443.68. The disclosure for this sale can be found here. Insiders sold 27,511 shares of company stock valued at $2,854,166 over the last quarter. Insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SNX. Charles Schwab Investment Management Inc. boosted its holdings in TD SYNNEX by 38.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 483,464 shares of the business services provider’s stock valued at $49,899,000 after purchasing an additional 133,469 shares during the last quarter. Bank of America Corp DE boosted its holdings in TD SYNNEX by 58.0% in the first quarter. Bank of America Corp DE now owns 184,551 shares of the business services provider’s stock valued at $19,048,000 after purchasing an additional 67,782 shares during the last quarter. BlackRock Inc. boosted its holdings in TD SYNNEX by 1.9% in the first quarter. BlackRock Inc. now owns 3,527,856 shares of the business services provider’s stock valued at $364,110,000 after purchasing an additional 64,861 shares during the last quarter. Vanguard Group Inc. boosted its holdings in TD SYNNEX by 1.5% in the first quarter. Vanguard Group Inc. now owns 4,081,297 shares of the business services provider’s stock valued at $421,231,000 after purchasing an additional 59,152 shares during the last quarter. Finally, State Street Corp boosted its holdings in TD SYNNEX by 5.0% in the first quarter. State Street Corp now owns 1,156,724 shares of the business services provider’s stock valued at $119,385,000 after purchasing an additional 54,894 shares during the last quarter. 85.54% of the stock is owned by institutional investors.

About TD SYNNEX (Get Rating)

TD SYNNEX Corporation provides business process services in the United States and internationally. The company distributes PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, consumer electronics, information technology (IT) systems including data center server and storage solutions, system components, software, networking, communications and security equipment, consumer electronics, and complementary products.

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