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

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Shareholders of record on Wednesday, December 4th will be given a dividend of 0.33 per share on Wednesday, December 18th. This represents a $1.32 annualized dividend and a yield of 2.42%. The ex-dividend date is Wednesday, December 4th.

Avnet has raised its dividend payment by an average of 12.6% annually over the last three years and has raised 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 Performance

Shares of Avnet stock opened at $54.45 on Friday. Avnet has a one year low of $43.62 and a one year high of $59.24. The company has a market cap of $4.73 billion, a PE ratio of 14.25, a P/E/G ratio of 1.00 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The business has a 50-day simple moving average of $54.05 and a 200-day simple moving average of $53.27.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The business had revenue of $5.60 billion during 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 business’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.61 earnings per share. On average, equities research analysts forecast that Avnet will post 4.09 EPS for the current fiscal year.

Analysts Set New Price Targets

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