Tech Data Corp (TECD) Holdings Raised by Millennium Management LLC

Millennium Management LLC grew its holdings in Tech Data Corp (NASDAQ:TECD) by 1,302.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 51,380 shares of the company’s stock after purchasing an additional 47,717 shares during the quarter. Millennium Management LLC’s holdings in Tech Data were worth $4,219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TECD. Principal Financial Group Inc. boosted its stake in shares of Tech Data by 2.5% in the first quarter. Principal Financial Group Inc. now owns 153,743 shares of the company’s stock valued at $13,089,000 after purchasing an additional 3,741 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Tech Data by 56.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 7,104 shares of the company’s stock valued at $605,000 after purchasing an additional 2,557 shares during the period. UBS Group AG boosted its stake in shares of Tech Data by 173.6% in the first quarter. UBS Group AG now owns 19,067 shares of the company’s stock valued at $1,623,000 after purchasing an additional 12,099 shares during the period. Verition Fund Management LLC boosted its stake in shares of Tech Data by 398.4% in the first quarter. Verition Fund Management LLC now owns 10,217 shares of the company’s stock valued at $870,000 after purchasing an additional 8,167 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its stake in shares of Tech Data by 42.3% in the first quarter. Xact Kapitalforvaltning AB now owns 5,044 shares of the company’s stock valued at $429,000 after purchasing an additional 1,500 shares during the period. 96.80% of the stock is owned by institutional investors and hedge funds.

Shares of Tech Data stock opened at $71.93 on Thursday. Tech Data Corp has a 52-week low of $68.03 and a 52-week high of $108.62. The company has a quick ratio of 0.87, a current ratio of 1.28 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $2.74 billion, a P/E ratio of 7.90, a PEG ratio of 0.95 and a beta of 0.74.

Tech Data (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, August 30th. The company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.10). Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The firm had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $8.73 billion. During the same quarter in the prior year, the firm earned $1.74 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that Tech Data Corp will post 9.96 EPS for the current fiscal year.

Tech Data declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Several research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Tech Data from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. BidaskClub raised shares of Tech Data from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. TheStreet lowered shares of Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. Bank of America lowered shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price objective for the company. in a research note on Friday, August 31st. Finally, Citigroup lowered 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. Three analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Tech Data currently has a consensus rating of “Hold” and a consensus price target of $100.14.

About Tech Data

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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