Avnet (NYSE:AVT) Announces Quarterly Dividend of $0.21

Avnet (NYSE:AVT) announced a quarterly dividend on Friday, May 22nd, Wall Street Journal reports. Shareholders of record on Wednesday, June 3rd will be given a dividend of 0.21 per share by the technology company on Wednesday, June 17th. This represents a $0.84 annualized dividend and a yield of 3.07%. The ex-dividend date is Tuesday, June 2nd.

Avnet has raised its dividend by an average of 5.3% per year over the last three years and has raised its dividend every year for the last 6 years. Avnet has a payout ratio of 59.6% indicating that its dividend is sufficiently covered by earnings.

Avnet stock traded down $0.34 during trading hours on Friday, hitting $27.37. 1,097,852 shares of the stock traded hands, compared to its average volume of 1,029,925. The firm’s 50-day moving average price is $27.54 and its two-hundred day moving average price is $34.90. Avnet has a one year low of $17.85 and a one year high of $46.41.

Avnet (NYSE:AVT) last posted its quarterly earnings data on Monday, April 27th. The technology company reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.06. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.03 billion. The business’s revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.09 earnings per share.

Several analysts have weighed in on AVT shares. SunTrust Banks raised Avnet from a “sell” rating to a “hold” rating and cut their price objective for the company from $36.00 to $28.00 in a research report on Monday, March 16th. Raymond James dropped their price target on Avnet from $47.00 to $44.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, April 28th. Loop Capital assumed coverage on Avnet in a research report on Thursday, April 23rd. They issued a “hold” rating and a $30.00 price target on the stock. Citigroup dropped their price target on Avnet from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, Wells Fargo & Co reissued an “equal weight” rating and issued a $27.00 price target (up from $22.00) on shares of Avnet in a research report on Tuesday, April 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $35.43.

Avnet Company Profile

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

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Dividend History for Avnet (NYSE:AVT)

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