Avnet, Inc. (NASDAQ:AVT) Increases Dividend to $0.33 Per Share

Avnet, Inc. (NASDAQ:AVT) announced a quarterly dividend on Monday, August 19th, Zacks reports. Investors of record on Wednesday, September 11th will be paid a dividend of 0.33 per share on Wednesday, September 25th. This represents a $1.32 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31.

Avnet has raised its dividend payment by an average of 12.6% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Avnet has a payout ratio of 29.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Avnet to earn $5.18 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 25.5%.

Avnet Stock Performance

Shares of NASDAQ AVT opened at $54.29 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. Avnet has a one year low of $42.67 and a one year high of $55.70. The business’s 50-day moving average price is $52.45 and its two-hundred day moving average price is $50.28. The company has a market capitalization of $4.91 billion, a P/E ratio of 8.78 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $2.06 earnings per share. The firm’s revenue was down 15.1% on a year-over-year basis. Analysts anticipate that Avnet will post 5.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial boosted their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus upped their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $48.50.

Insider Buying and Selling at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total value of $1,612,200.00. Following the sale, the chief executive officer now owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the completion of the sale, the chief executive officer now owns 139,709 shares in the company, valued at $7,507,961.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.