Avnet, Inc. (NASDAQ:AVT) Increases Dividend to $0.35 Per Share

Avnet, Inc. (NASDAQ:AVT) announced a quarterly dividend on Friday, August 22nd, RTT News reports. Stockholders of record on Wednesday, September 17th will be given a dividend of 0.35 per share on Friday, September 26th. This represents a c) dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. This is a 6.1% increase from Avnet’s previous quarterly dividend of $0.33.

Avnet has a payout ratio of 26.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $5.67 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 23.3%.

Avnet Stock Up 5.4%

Shares of Avnet stock opened at $55.66 on Friday. The stock’s fifty day moving average is $53.66 and its 200-day moving average is $50.78. The firm has a market capitalization of $4.65 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet has a 12-month low of $39.22 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.Avnet’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 earnings per share. Equities analysts anticipate that Avnet will post 3.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVT. Wells Fargo & Company cut their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. Truist Financial boosted their target price on Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Finally, Bank of America boosted their target price on Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Sell” and a consensus price target of $49.00.

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.