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

Avnet, Inc. (NASDAQ:AVT) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors of record on Wednesday, March 5th will be paid a dividend of 0.33 per share on Wednesday, March 19th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Wednesday, March 5th.

Avnet has raised its dividend payment by an average of 12.0% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Avnet has a payout ratio of 23.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $5.67 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 23.3%.

Avnet Price Performance

Shares of AVT stock opened at $51.85 on Friday. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 1.15 and a beta of 1.13. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet has a twelve month low of $45.45 and a twelve month high of $59.24. The stock has a fifty day simple moving average of $52.20 and a two-hundred day simple moving average of $53.25.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. On average, analysts predict that Avnet will post 3.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AVT shares. Truist Financial decreased their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th.

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.