PNC Financial Services Group Inc. Cuts Stake in Tech Data Corp (NASDAQ:TECD)

PNC Financial Services Group Inc. decreased its holdings in Tech Data Corp (NASDAQ:TECD) by 50.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,334 shares of the company’s stock after selling 48,338 shares during the quarter. PNC Financial Services Group Inc. owned about 0.13% of Tech Data worth $4,951,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Tech Data by 9.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,586 shares of the company’s stock worth $212,000 after buying an additional 232 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Tech Data during the 4th quarter valued at $103,000. Rhumbline Advisers raised its holdings in Tech Data by 65.0% during the 4th quarter. Rhumbline Advisers now owns 116,506 shares of the company’s stock valued at $9,531,000 after buying an additional 45,875 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Tech Data by 0.8% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 13,180 shares of the company’s stock valued at $1,078,000 after buying an additional 105 shares during the last quarter. Finally, Dupont Capital Management Corp raised its holdings in Tech Data by 31.2% during the 4th quarter. Dupont Capital Management Corp now owns 6,431 shares of the company’s stock valued at $526,000 after buying an additional 1,531 shares during the last quarter. 99.69% of the stock is owned by institutional investors.

In related news, VP John A. Tonnison sold 4,000 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $102.30, for a total transaction of $409,200.00. Following the sale, the vice president now directly owns 29,657 shares of the company’s stock, valued at approximately $3,033,911.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert M. Dutkowsky sold 14,892 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $108.02, for a total transaction of $1,608,633.84. Following the sale, the director now directly owns 219,938 shares in the company, valued at $23,757,702.76. The disclosure for this sale can be found here. Insiders sold a total of 44,808 shares of company stock worth $4,761,638 over the last ninety days. Insiders own 1.10% of the company’s stock.

A number of research firms recently commented on TECD. Citigroup lowered their price target on shares of Tech Data from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, May 31st. BidaskClub upgraded shares of Tech Data from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Zacks Investment Research lowered shares of Tech Data from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Stifel Nicolaus lowered shares of Tech Data from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $99.60.

NASDAQ TECD traded down $0.42 during trading on Monday, hitting $104.18. The company had a trading volume of 238,500 shares, compared to its average volume of 361,150. The company has a current ratio of 1.26, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Tech Data Corp has a one year low of $66.93 and a one year high of $111.08. The firm has a market capitalization of $3.88 billion, a P/E ratio of 9.15, a price-to-earnings-growth ratio of 2.92 and a beta of 1.13. The stock has a fifty day simple moving average of $97.46.

Tech Data (NASDAQ:TECD) last released its earnings results on Thursday, May 30th. The company reported $2.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.06. The firm had revenue of $8.41 billion for the quarter, compared to the consensus estimate of $8.45 billion. Tech Data had a net margin of 0.98% and a return on equity of 15.28%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.84 EPS. As a group, equities research analysts expect that Tech Data Corp will post 11.98 EPS for the current fiscal year.

Tech Data Company Profile

Tech Data Corporation operates as an IT distribution and solutions company. The company offers endpoint portfolio solutions, including personal computer systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics. It also provides advanced portfolio solutions, such as data center technologies comprising 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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