Redmond Asset Management LLC lessened its holdings in shares of Tech Data Corp (NASDAQ:TECD) by 28.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,155 shares of the company’s stock after selling 7,681 shares during the period. Redmond Asset Management LLC’s holdings in Tech Data were worth $1,371,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP grew its stake in Tech Data by 192.5% during the 3rd quarter. Quantbot Technologies LP now owns 1,977 shares of the company’s stock valued at $141,000 after acquiring an additional 1,301 shares in the last quarter. Stevens Capital Management LP purchased a new stake in Tech Data during the 2nd quarter valued at about $221,000. Quantitative Systematic Strategies LLC purchased a new stake in Tech Data during the 2nd quarter valued at about $230,000. Alps Advisors Inc. purchased a new stake in Tech Data during the 2nd quarter valued at about $363,000. Finally, Country Club Trust Company n.a. purchased a new stake in Tech Data during the 2nd quarter valued at about $333,000. 97.12% of the stock is owned by institutional investors.
Tech Data stock opened at $90.80 on Monday. Tech Data Corp has a 1-year low of $66.93 and a 1-year high of $108.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.85. The company has a market capitalization of $3.45 billion, a PE ratio of 9.87, a PEG ratio of 1.01 and a beta of 0.73.
Tech Data announced that its board has authorized a stock repurchase plan on Tuesday, October 2nd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several analysts recently issued reports on TECD shares. TheStreet cut shares of Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. BidaskClub cut shares of Tech Data from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. 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 research note 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 research note on Friday, August 31st. Finally, Zacks Investment Research cut shares of Tech Data from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $99.86.
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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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