Avnet, Inc. (AVT) To Go Ex-Dividend on September 11th

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Shareholders 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 2.60%. The ex-dividend date of this dividend is Wednesday, September 11th. This is a boost from Avnet’s previous quarterly dividend of $0.31.

Avnet has raised its dividend by an average of 12.6% per year over the last three years and has increased its dividend every year for the last 12 years. Avnet has a dividend payout ratio of 29.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Avnet to earn $5.99 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 22.0%.

Avnet Stock Performance

NASDAQ:AVT opened at $50.74 on Monday. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. Avnet has a fifty-two week low of $42.67 and a fifty-two week high of $55.80. The firm’s fifty day simple moving average is $52.86 and its 200-day simple moving average is $51.10. The stock has a market cap of $4.59 billion, a PE ratio of 8.21 and a beta of 1.15.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. The company had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The company’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period last year, the firm earned $2.06 EPS. Analysts expect that Avnet will post 4.57 earnings per share for the current fiscal year.

Insider Transactions at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were 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 $2,186,587.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Avnet

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.