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

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Wednesday, December 4th.

Avnet has raised its dividend by an average of 12.6% annually over the last three years and has increased its dividend every year for the last 12 years. Avnet has a payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. 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 0.9 %

Shares of Avnet stock opened at $54.71 on Monday. Avnet has a 1 year low of $43.62 and a 1 year high of $59.24. The company has a market cap of $4.76 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.02 and a beta of 1.16. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average price of $54.34 and a 200 day moving average price of $53.37.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVT shares. Truist Financial increased their target price on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus increased their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company lifted their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th.

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.