Avnet, Inc. (NASDAQ:AVT) Announces $0.33 Quarterly Dividend

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Investors of record on Wednesday, December 4th will be paid a dividend of 0.33 per share on Wednesday, December 18th. This represents a $1.32 annualized dividend and a yield of 2.42%. The ex-dividend date is Wednesday, December 4th.

Avnet has raised its dividend payment by an average of 12.6% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Avnet has a payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Avnet to earn $5.73 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 23.0%.

Avnet Stock Up 1.3 %

AVT stock traded up $0.72 during midday trading on Friday, hitting $54.45. The company’s stock had a trading volume of 570,679 shares, compared to its average volume of 600,959. The company’s fifty day moving average price is $53.98 and its 200 day moving average price is $53.24. Avnet has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The stock has a market capitalization of $4.73 billion, a P/E ratio of 14.23, a PEG ratio of 0.97 and a beta of 1.16.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.61 earnings per share. As a group, equities research analysts predict that Avnet will post 4.09 EPS for the current year.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Stifel Nicolaus upped their target price on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Truist Financial lifted their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th.

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.