Royal Bank of Canada lessened its stake in shares of Tech Data Corp (NASDAQ:TECD) by 40.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,737 shares of the company’s stock after selling 11,560 shares during the quarter. Royal Bank of Canada’s holdings in Tech Data were worth $1,750,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Tech Data by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,853,331 shares of the company’s stock worth $403,058,000 after buying an additional 99,380 shares during the last quarter. JPMorgan Chase & Co. raised its position in Tech Data by 31.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,386,528 shares of the company’s stock valued at $142,161,000 after purchasing an additional 334,938 shares during the last quarter. Prudential Financial Inc. raised its position in Tech Data by 9.3% in the 2nd quarter. Prudential Financial Inc. now owns 715,754 shares of the company’s stock valued at $74,867,000 after purchasing an additional 61,074 shares during the last quarter. Northern Trust Corp raised its position in Tech Data by 0.5% in the 2nd quarter. Northern Trust Corp now owns 707,388 shares of the company’s stock valued at $73,993,000 after purchasing an additional 3,289 shares during the last quarter. Finally, Invesco Ltd. raised its position in Tech Data by 87.2% in the 2nd quarter. Invesco Ltd. now owns 622,901 shares of the company’s stock valued at $65,155,000 after purchasing an additional 290,160 shares during the last quarter. Institutional investors and hedge funds own 97.45% of the company’s stock.
A number of brokerages have commented on TECD. Northcoast Research set a $115.00 price objective on shares of Tech Data and gave the stock a “buy” rating in a research report on Friday, August 30th. Zacks Investment Research upgraded shares of Tech Data from a “sell” rating to a “hold” rating and set a $95.00 price objective for the company in a research report on Friday, August 23rd. ValuEngine upgraded shares of Tech Data from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 15th. BidaskClub raised shares of Tech Data from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Citigroup set a $100.00 price target on shares of Tech Data and gave the stock a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $112.50.
In related news, Director Robert M. Dutkowsky sold 10,000 shares of Tech Data stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Michael Rabinovitch sold 349 shares of Tech Data stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $104.85, for a total value of $36,592.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,899 shares of company stock worth $1,352,943. 1.10% of the stock is owned by corporate insiders.
Shares of NASDAQ:TECD traded down $0.10 on Friday, reaching $124.50. 229,300 shares of the company were exchanged, compared to its average volume of 348,643. Tech Data Corp has a 1-year low of $70.41 and a 1-year high of $129.06. The company has a 50-day moving average of $113.99 and a 200-day moving average of $102.15. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 2.66 and a beta of 1.15.
Tech Data (NASDAQ:TECD) last released its earnings results on Thursday, August 29th. The company reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.36. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.71 billion. Tech Data had a return on equity of 15.96% and a net margin of 0.98%. Tech Data’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.01 earnings per share. As a group, analysts forecast that Tech Data Corp will post 12.46 earnings per share for the current year.
Tech Data Company Profile
Tech Data Corporation operates as an IT distribution and solutions company. The company offers endpoint portfolio solutions, including personal computer systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics. It also provides advanced portfolio solutions, such as data center technologies comprising storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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