TD SYNNEX Corp (NYSE:SNX) CEO Richard T. Hume has sold a substantial number of shares in the company, according to a recent SEC filing. The transactions, which took place on May 1, 2024, involved the sale of company stock totaling over $1.15 million.
The shares were sold in a series of transactions at prices ranging from $114.93 to $116.28. Specifically, Hume sold 632 shares at an average price of $114.93, 5,753 shares at an average price of $115.58, and 3,615 shares at an average price of $116.28. These sales were carried out under a pre-arranged Rule 10b5-1 trading plan, which was adopted on November 3, 2023.
After the transactions, Hume's holdings in TD SYNNEX have decreased, but he still owns a significant number of shares in the company. The SEC filing indicated that following the sales, Hume directly holds 219,363 shares.
Investors often monitor insider transactions as they can provide insights into an executive’s perspective on the company's current valuation and future prospects. However, it's important to note that insider sales can be motivated by a variety of factors and may not necessarily reflect a negative outlook on the company's future.
TD SYNNEX, a leader in wholesale computer and peripheral equipment and software, has undergone several name changes in the past, with the most recent one occurring in November 2021 when SYNNEX Corp merged with Tech Data (NASDAQ:TECD_old) Corporation. The company is incorporated in Delaware and has its fiscal year-end on November 30.
The details provided in the SEC filing ensure transparency and allow shareholders and potential investors to have access to information regarding the trading activities of the company's insiders.
InvestingPro Insights
Amid recent insider trading activity, TD SYNNEX Corp (NYSE:SNX) continues to demonstrate financial metrics and market performance that can offer a broader context for investors. The company, with a market capitalization of $9.93 billion, trades at a P/E ratio of 16.85, which adjusts to a more attractive 12.66 when considering the last twelve months as of Q1 2024. This adjustment suggests a potentially undervalued stock given the company's earnings.
InvestingPro Tips highlight that TD SYNNEX has been actively returning value to shareholders, as evidenced by its history of share buybacks and a high shareholder yield. Moreover, the company has increased its dividend for the last three consecutive years, showcasing a commitment to consistent shareholder returns. With 7 analysts revising their earnings upwards for the upcoming period, there is an optimistic outlook on the company's financial performance. These factors, coupled with a strong free cash flow yield, may appeal to investors seeking stable investments with growth potential.
Additionally, TD SYNNEX's dividend yield stands at 1.39%, with a notable dividend growth of 14.29% in the last twelve months as of Q1 2024. This commitment to maintaining and growing dividends can be particularly attractive in volatile market conditions. The company's stock price is also trading near its 52-week high, at 96.7% of the peak, reflecting investor confidence.
For investors looking for more in-depth analysis and additional InvestingPro Tips, such as insights into the company's low price volatility and its standing in the Electronic Equipment, Instruments & Components industry, a visit to InvestingPro can provide that. There are 15 more tips available on InvestingPro, offering a comprehensive understanding of TD SYNNEX's market position. To explore these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.