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Is TD SYNNEX Corporation (SNX) Trading at an Attractive Price?

Investment management company Ave Maria recently released its “Ave Maria Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the third quarter was 4.88% compared to -4.20% for the S&P MidCap 400 Index. The Fund owned common stock in 33 companies from a wide range of industries at the end of the quarter, with a focus on energy, basic materials, and financial services. You can check the top 5 holdings of the fund to know its best picks in 2023.

Ave Maria Value Fund highlighted stocks like TD SYNNEX Corporation (NYSE:SNX) in the third quarter 2023 investor letter. Headquartered in Fremont, California, TD SYNNEX Corporation (NYSE:SNX) is a distributor and solutions aggregator for the information technology (IT) ecosystem. On December 6, 2023, TD SYNNEX Corporation (NYSE:SNX) stock closed at $97.14 per share. One-month return of TD SYNNEX Corporation (NYSE:SNX) was 4.36%, and its shares lost 1.22% of their value over the last 52 weeks. TD SYNNEX Corporation (NYSE:SNX) has a market capitalization of $8.741 billion.

Ave Maria Value Fund made the following comment about TD SYNNEX Corporation (NYSE:SNX) in its Q3 2023 investor letter:

"A new position was established in TD SYNNEX Corporation (NYSE:SNX), a distributor of information technology (IT) products. Although IT spending has stable secular growth, it is going through a soft patch which allowed us to acquire shares at an attractive price. The distribution of IT products is a low margin, but highly free cash flow generative business that requires significant scale to compete. TD Synnex is the largest distributor with the most scale benefits and has a business model that produces excess free cash flow during softer IT spending periods due to lower inventory investments. This allows TD to return cash to shareholders through buybacks."

A close up view of a person's hands typing on a computer keyboard, emphasizing internet-based information technology services.

TD SYNNEX Corporation (NYSE:SNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held TD SYNNEX Corporation (NYSE:SNX)at the end of third quarter which was 24 in the previous quarter.

We discussed TD SYNNEX Corporation (NYSE:SNX) in another article and shared the list of most promising mid-cap stocks according to analysts. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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