Avnet, Inc. (NASDAQ:AVT) Increases Dividend to $0.35 Per Share

Key Points

• Avnet, Inc. has increased its quarterly dividend to $0.35 per share, representing a 6.1% increase from the previous dividend of $0.33.
• The company has a dividend payout ratio of 26.2%, indicating that its dividend is well covered by earnings, with expectations to maintain future payouts.
• Avnet recently reported a net income of $0.81 per share for the last quarter, exceeding analysts' expectations and achieving a revenue of $5.62 billion.

Avnet, Inc. (NASDAQ:AVT - Get Free Report) announced a quarterly dividend on Friday, August 22nd, RTT News reports. Investors of record on Wednesday, September 17th will be given a dividend of 0.35 per share on Friday, September 26th. This represents a c) annualized dividend and a yield of 2.7%. This is a 6.1% increase from Avnet's previous quarterly dividend of $0.33.

Avnet has a dividend payout ratio of 26.2% indicating that its dividend is sufficiently covered by earnings. Equities 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

NASDAQ AVT opened at $52.82 on Friday. Avnet has a one year low of $39.22 and a one year high of $59.24. The stock has a 50-day moving average of $53.55 and a 200 day moving average of $50.74. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 0.38 and a beta of 1.06. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The business's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 EPS. On average, sell-side analysts forecast that Avnet will post 3.41 EPS for the current year.

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.

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