PNC Financial Services Group Inc. increased its stake in shares of Tech Data Corp (NASDAQ:TECD) by 66.1% in the third quarter, Holdings Channel reports. The institutional investor owned 105,964 shares of the company’s stock after buying an additional 42,155 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tech Data were worth $7,583,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of TECD. Stevens Capital Management LP bought a new position in Tech Data during the second quarter worth about $221,000. Quantitative Systematic Strategies LLC bought a new position in Tech Data during the second quarter worth about $230,000. Country Club Trust Company n.a. bought a new position in Tech Data during the second quarter worth about $333,000. Alps Advisors Inc. bought a new position in Tech Data during the second quarter worth about $363,000. Finally, Jaffetilchin Investment Partners LLC bought a new position in Tech Data during the third quarter worth about $366,000. Institutional investors and hedge funds own 96.80% of the company’s stock.
Shares of NASDAQ:TECD opened at $89.95 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.87. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 1.69 and a beta of 0.67. Tech Data Corp has a twelve month low of $66.93 and a twelve month high of $108.62.
Tech Data declared that its board has approved a share repurchase plan on Tuesday, October 2nd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have weighed in on the stock. BidaskClub upgraded shares of Tech Data from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Bank of America lowered shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 target price for the company. in a research report on Friday, August 31st. Zacks Investment Research reiterated a “hold” rating and set a $82.00 target price on shares of Tech Data in a research report on Friday, November 16th. Needham & Company LLC increased their target price on shares of Tech Data to $110.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Citigroup cut 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Tech Data presently has an average rating of “Hold” and an average target price of $99.86.
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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