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. Investors 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 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend 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 annually for the last 12 consecutive years. Avnet has a dividend payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Research 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. The firm has a market capitalization of $4.73 billion, a P/E ratio of 14.25, a PEG ratio of 1.00 and a beta of 1.16. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average price of $54.05 and a 200 day moving average price of $53.27. Avnet has a 52 week low of $43.62 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results 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. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same period last year, the firm posted $1.61 EPS. Avnet’s revenue for the quarter was down 11.5% compared to the same quarter last year. Sell-side analysts expect that Avnet will post 4.09 EPS for the current year.

Wall Street Analyst Weigh In

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