Comerica Bank Has $9.17 Million Position in Tech Data Corp (TECD)

Comerica Bank lessened its position in Tech Data Corp (NASDAQ:TECD) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,221 shares of the company’s stock after selling 2,096 shares during the period. Comerica Bank’s holdings in Tech Data were worth $9,168,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Stevens Capital Management LP bought a new position in Tech Data in the 2nd quarter valued at about $221,000. Quantitative Systematic Strategies LLC bought a new position in Tech Data in the 2nd quarter valued at about $230,000. Suntrust Banks Inc. grew its position in 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 buying an additional 684 shares in the last quarter. Country Club Trust Company n.a. bought a new position in Tech Data in the 2nd quarter valued at about $333,000. Finally, Alps Advisors Inc. bought a new position in Tech Data in the 2nd quarter valued at about $363,000. 95.38% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:TECD opened at $75.12 on Friday. Tech Data Corp has a twelve month low of $66.93 and a twelve month high of $108.62. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.28 and a quick ratio of 0.87. The stock has a market cap of $2.90 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67.

Tech Data (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 30th. The company reported $2.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.11 by ($0.10). Tech Data had a net margin of 0.39% and a return on equity of 12.67%. The business had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $8.73 billion. During the same quarter last year, the business posted $1.74 EPS. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts expect that Tech Data Corp will post 9.96 earnings per share for the current year.

Tech Data declared that its board has authorized a stock buyback plan on Tuesday, October 2nd that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 7.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

A number of brokerages recently issued reports on TECD. Citigroup decreased their target price on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday, August 31st. Zacks Investment Research upgraded shares of Tech Data from a “hold” rating to a “strong-buy” rating and set a $94.00 target price for the company in a research report on Tuesday, July 31st. BidaskClub upgraded shares of Tech Data from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. TheStreet lowered shares of Tech Data from a “b-” rating to a “c+” rating in a research report on Monday, October 1st. Finally, Needham & Company LLC decreased their target price on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, August 31st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Tech Data has a consensus rating of “Hold” and an average price target of $100.14.

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Tech Data 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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Institutional Ownership by Quarter for Tech Data (NASDAQ:TECD)

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