TD SYNNEX Corp (NYSE:SNX) disclosed in a recent filing that Dennis Polk, Head of Hyve Solutions, sold a total of $2,361,935 worth of company stock. The transactions occurred on April 8, with the prices per share ranging between $117.86 and $118.27.
The executive offloaded 8,450 shares at an average price of $117.86, and another 11,550 shares at an average price of $118.27. These sales represent a significant cash-out for Polk, who still retains a substantial number of shares in the company following the transactions.
On the same day, Polk also exercised options to acquire 20,000 shares of TD SYNNEX common stock at a price of $38.89 per share, totaling $777,800. This move increased his direct ownership in the company before part of the shares were sold.
TD SYNNEX, a leading distributor of computer and peripheral equipment and software, has seen its shares being actively traded by insiders, which is often scrutinized by investors for insights into the company's performance and management's confidence in the business.
Investors and the market at large typically monitor such insider transactions as they provide a glimpse into the actions of those with an intimate understanding of the company. While the reasons behind Polk's decision to sell shares are not disclosed, such filings are a regular part of corporate governance and compliance.
The transactions were carried out under the oversight of attorneys-in-fact, as indicated by the accompanying Substitute Power of Attorney document, which is a standard procedure for the execution of such trades.
Shares of TD SYNNEX closed at $XXX on the last trading session, with the company's stock having experienced fluctuations over the past year. The company's performance, along with broader market trends, will continue to influence the stock's trajectory in the coming quarters.
InvestingPro Insights
TD SYNNEX Corp (NYSE:SNX) has been making headlines with insider stock transactions, but what do the numbers say about the company's financial health and market position? According to InvestingPro data, TD SYNNEX has a market capitalization of $9.91 billion, showcasing its significant presence in the industry. The company's price-to-earnings (P/E) ratio stands at a reasonable 16.82, indicating investors' expectations of future earnings. Moreover, the adjusted P/E ratio for the last twelve months as of Q1 2024 is even more attractive at 12.65.
InvestingPro Tips reveal that management at TD SYNNEX has been actively buying back shares, a sign that could be interpreted as confidence in the company's value. Additionally, the company has a notable history of dividend payments, having raised its dividend for 3 consecutive years and maintained dividend payments for 11 consecutive years. This consistency in rewarding shareholders is complemented by a high shareholder yield, which may be appealing to income-focused investors.
From a valuation standpoint, TD SYNNEX is trading at a low revenue valuation multiple, coupled with a strong free cash flow yield. This indicates that the company could be undervalued relative to its cash-generating ability. For investors interested in further insights and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/SNX. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of expert analysis and tips provided.
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