Avnet, Inc. (AVT) to Issue Quarterly Dividend of $0.33 on September 25th

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

Avnet has increased its dividend by an average of 12.6% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Avnet has a dividend payout ratio of 29.4% indicating that its dividend is sufficiently covered by earnings. Research 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

Avnet stock opened at $54.29 on Wednesday. The firm has a market capitalization of $4.91 billion, a P/E ratio of 8.78 and a beta of 1.16. The stock has a fifty day moving average price of $52.45 and a 200 day moving average price of $50.28. Avnet has a 52 week low of $42.67 and a 52 week high of $55.70. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AVT shares. Wells Fargo & Company upped their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th. Stifel Nicolaus upped their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Truist Financial upped their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $48.50.

Insider Transactions at Avnet

In other news, CEO Philip R. Gallagher sold 30,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the transaction, the senior vice president now owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The disclosure for this sale can be found here. Company 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.