Avnet, Inc. (AVT) to Issue Quarterly Dividend of $0.33 on December 18th

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

Avnet has raised its dividend payment by an average of 12.6% per year over the last three years and has raised its dividend every year for the last 12 years. Avnet has a dividend payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Equities 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 AVT opened at $54.71 on Monday. 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 firm has a fifty day moving average of $54.34 and a 200-day moving average of $53.37. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.16. Avnet has a 1 year low of $43.62 and a 1 year high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (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 analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company posted $1.61 EPS. As a group, equities analysts anticipate that Avnet will post 4.09 earnings per share for the current year.

Analyst Ratings Changes

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

About Avnet

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.