Avnet, Inc. (NASDAQ:AVT) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Avnet has a consensus analyst rating of "Moderate Buy" from six covering firms, with an average 12-month price target of $89.50.
• The company recently reported strong quarterly results, posting EPS of $1.48 versus the $1.33 estimate and revenue of $7.12 billion, well above expectations.
• Avnet also announced a quarterly dividend of $0.35 per share, equal to an annualized yield of 1.6%, while CEO Philip R. Gallagher sold 23,920 shares in May.

Avnet, Inc. (NASDAQ:AVT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six ratings firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $89.50.

A number of equities research analysts recently commented on AVT shares. Wells Fargo & Company lifted their price objective on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research note on Monday. Truist Financial raised their target price on Avnet to $95.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Zacks Research cut Avnet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised Avnet from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, July 13th.

Avnet Price Performance

AVT opened at $89.42 on Friday. The company has a fifty day moving average price of $87.31 and a two-hundred day moving average price of $72.65. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01. Avnet has a 52 week low of $44.25 and a 52 week high of $95.26. The firm has a market capitalization of $7.33 billion, a PE ratio of 34.79, a P/E/G ratio of 0.28 and a beta of 1.09.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.33 by $0.15. The company had revenue of $7.12 billion during the quarter, compared to analysts' expectations of $6.45 billion. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The business's revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. As a group, analysts anticipate that Avnet will post 5.12 earnings per share for the current year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Avnet's payout ratio is currently 54.47%.

Insider Buying and Selling

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the sale, the chief executive officer owned 145,003 shares of the company's stock, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Avnet

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its stake in Avnet by 3.0% during the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company's stock worth $3,447,000 after buying an additional 2,101 shares during the period. Goldman Sachs Group Inc. grew its stake in Avnet by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company's stock valued at $11,148,000 after acquiring an additional 31,919 shares during the period. United Services Automobile Association acquired a new position in Avnet in the first quarter valued at about $267,000. Empowered Funds LLC increased its holdings in shares of Avnet by 9.3% in the first quarter. Empowered Funds LLC now owns 8,142 shares of the company's stock worth $392,000 after acquiring an additional 696 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Avnet by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company's stock worth $17,012,000 after acquiring an additional 16,443 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

About Avnet

Avnet, Inc NASDAQ: AVT is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet's offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.

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