Avnet, Inc. (AVT) Declares Quarterly Dividend of $0.19

Avnet, Inc. (NYSE:AVT) announced a quarterly dividend on Tuesday, February 6th, RTT News reports. Investors of record on Tuesday, March 13th will be given a dividend of 0.19 per share by the technology company on Tuesday, March 27th. This represents a $0.76 dividend on an annualized basis and a yield of 1.88%. This is a boost from Avnet’s previous quarterly dividend of $0.18.

Avnet has decreased its dividend by an average of 4.5% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Avnet has a dividend payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $3.99 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 18.0%.

Avnet (NYSE AVT) traded up $0.31 during mid-day trading on Tuesday, reaching $40.43. The company had a trading volume of 2,264,952 shares, compared to its average volume of 1,190,166. Avnet has a 12-month low of $35.67 and a 12-month high of $47.19. The firm has a market cap of $4,975.33, a PE ratio of 10.89, a price-to-earnings-growth ratio of 1.32 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56.

Avnet (NYSE:AVT) last released its earnings results on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The company had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $0.77 EPS. equities research analysts forecast that Avnet will post 3.48 earnings per share for the current year.

Several research firms have recently commented on AVT. Citigroup lifted their target price on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 target price for the company in a research note on Friday, January 5th. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $39.57.

In related news, CEO Amelio J. William purchased 3,000 shares of Avnet stock in a transaction dated Friday, December 8th. The shares were acquired at an average cost of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by company insiders.

Avnet announced that its board has approved a stock buyback plan on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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About Avnet

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Dividend History for Avnet (NYSE:AVT)

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