Avnet, Inc. (NASDAQ:AVT) to Issue 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 given a dividend of 0.33 per share on Wednesday, March 19th. This represents a $1.32 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, March 5th.

Avnet has increased its dividend by an average of 12.0% annually over the last three years and has raised its dividend every year for the last 12 years. Avnet has a dividend payout ratio of 23.6% indicating that 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 NASDAQ:AVT opened at $51.85 on Friday. The firm’s 50 day simple moving average is $52.20 and its two-hundred day simple moving average is $53.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The company has a market capitalization of $4.49 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.15 and a beta of 1.13. Avnet has a 1-year low of $45.45 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. Research analysts expect 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 Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

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.