Tech Data (TECD) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Tech Data (NASDAQ:TECD) from a hold rating to a buy rating in a research note released on Wednesday.

Several other research analysts also recently commented on TECD. Zacks Investment Research raised shares of Tech Data from a hold rating to a strong-buy rating and set a $94.00 price objective for the company in a report on Tuesday, July 31st. Bank of America downgraded shares of Tech Data from a buy rating to an underperform rating and set a $80.00 price objective for the company. in a report on Friday, August 31st. Needham & Company LLC dropped their price objective on shares of Tech Data from $115.00 to $100.00 and set a buy rating for the company in a report on Friday, August 31st. Citigroup dropped their price objective on shares of Tech Data from $95.00 to $85.00 and set a neutral rating for the company in a report on Friday, August 31st. Finally, TheStreet lowered Tech Data from a b- rating to a c+ rating in a research note on Monday, October 1st. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $100.14.

Shares of NASDAQ:TECD traded up $0.06 during midday trading on Wednesday, reaching $75.80. 21,762 shares of the company were exchanged, compared to its average volume of 369,427. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.28. Tech Data has a one year low of $66.93 and a one year high of $108.62. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 8.29, a P/E/G ratio of 1.01 and a beta of 0.67.

Tech Data (NASDAQ:TECD) last issued its earnings results on Thursday, August 30th. The company reported $2.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.11 by ($0.10). Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The company had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $8.73 billion. During the same quarter in the prior year, the company posted $1.74 EPS. Tech Data’s revenue was up 9.8% compared to the same quarter last year. As a group, research analysts predict that Tech Data will post 9.96 earnings per share for the current year.

Tech Data declared that its board has approved a share repurchase plan on Tuesday, October 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 7.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Hedge funds have recently added to or reduced their stakes in the business. Stevens Capital Management LP bought a new position in Tech Data during the second quarter valued at $221,000. Quantitative Systematic Strategies LLC bought a new position in shares of Tech Data in the 2nd quarter valued at about $230,000. Suntrust Banks Inc. lifted its holdings in shares of Tech Data by 24.5% in the 1st quarter. Suntrust Banks Inc. now owns 3,475 shares of the company’s stock valued at $294,000 after acquiring an additional 684 shares during the last quarter. Alps Advisors Inc. bought a new position in shares of Tech Data in the 2nd quarter valued at about $363,000. Finally, Country Club Trust Company n.a. bought a new position in shares of Tech Data in the 2nd quarter valued at about $333,000. Institutional investors and hedge funds own 95.38% of the company’s stock.

Tech Data Company Profile

Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.

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