Philip Gallagher Sells 51,900 Shares of Avnet (NASDAQ:AVT) Stock

Avnet, Inc. (NASDAQ:AVT) CEO Philip Gallagher sold 51,900 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the transaction, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avnet Price Performance

AVT stock traded down $1.32 during midday trading on Thursday, reaching $95.99. 783,869 shares of the company’s stock traded hands, compared to its average volume of 1,245,263. The company has a 50-day simple moving average of $88.67 and a two-hundred day simple moving average of $76.65. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. The company has a market cap of $7.87 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 0.32 and a beta of 1.09. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.48. The company had revenue of $8.30 billion for the quarter, compared to analyst estimates of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The business’s revenue was up 47.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, analysts anticipate that Avnet, Inc. will post 9.66 earnings per share for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.5%. Avnet’s dividend payout ratio is 35.09%.

Hedge Funds Weigh In On Avnet

Several hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Avnet by 3.0% during the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after purchasing an additional 2,101 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Avnet by 16.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock valued at $11,148,000 after purchasing an additional 31,919 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Avnet during the 1st quarter worth approximately $267,000. Empowered Funds LLC grew its position in shares of Avnet by 9.3% during the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock worth $392,000 after buying an additional 696 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Avnet by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after buying an additional 16,443 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on AVT shares. Wells Fargo & Company raised their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, July 20th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a research note on Thursday, April 30th. Zacks Research raised shares of Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, Truist Financial raised their price target on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.