FREMONT, CA—Simon Leung, Chief Business Officer of TD Synnex Corp (NYSE:SNX), recently sold a portion of his holdings in the company. According to a Form 4 filed with the Securities and Exchange Commission, Leung sold 6,249 shares of common stock on November 6, 2024. The shares were sold at an average price of $123.17 each, resulting in a total transaction value of $769,689.
Following this sale, Leung retains ownership of 23,339 shares in the company. The transaction was conducted as a direct sale, as indicated in the filing. TD Synnex Corp, a leading distributor of IT products and services, is headquartered in Fremont, California.
In other recent news, TD SYNNEX has reported strong earnings for the August quarter, with gross billing and revenue increasing by 9% and 5% respectively, largely driven by its Strategic Technologies sector. The company has also announced the appointment of Tanuj Raja as the new Senior Vice President for North America Hyperscaler and Marketplace. Amid these developments, TD SYNNEX has experienced significant digital platform adoption, with over 8,000 North American resellers now transacting cloud consumption and Software (ETR:SOWGn) as a Service sales through its StreamOne platform.
In addition, TD SYNNEX has adopted amendments to its corporate bylaws and hinted at a proposal to alter its certificate of incorporation, adjusting the voting threshold required for the board and shareholders to adopt, amend, or repeal bylaws. Loop Capital and Goldman Sachs have both maintained a Buy rating on TD SYNNEX, reflecting confidence in the company's market position and projecting an 8% increase in revenue growth for the company in fiscal 2025.
These recent developments highlight TD SYNNEX's strategic growth plans and its focus on enhancing value across multiple technology categories. The company anticipates Q4 gross billings to range between $20.5 billion and $21.5 billion, with a projected non-GAAP diluted EPS of $2.80 to $3.30.
InvestingPro Insights
To provide additional context to Simon Leung's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for TD Synnex Corp (NYSE:SNX).
As of the latest data, TD Synnex has a market capitalization of $10.62 billion, reflecting its significant presence in the IT distribution sector. The company's P/E ratio stands at 16.13, suggesting a moderate valuation relative to its earnings.
One notable InvestingPro Tip highlights that management has been aggressively buying back shares, which could be seen as a sign of confidence in the company's future prospects. This buyback activity aligns with another InvestingPro Tip indicating that TD Synnex offers a high shareholder yield, potentially making it an attractive option for value-oriented investors.
Additionally, TD Synnex has demonstrated a commitment to returning value to shareholders, having raised its dividend for 4 consecutive years. The current dividend yield is 1.29%, with a notable dividend growth of 14.29% over the last twelve months.
From a performance perspective, TD Synnex has shown strong returns, with a 32.67% price total return over the past year. The stock is currently trading at 93.39% of its 52-week high, suggesting it has maintained much of its recent gains.
It's worth noting that while the company has these positive attributes, 11 analysts have revised their earnings downwards for the upcoming period, which investors may want to consider in their analysis.
For those interested in a more comprehensive analysis, InvestingPro offers 14 additional tips for TD Synnex, providing a deeper dive into the company's financial health and market position.
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