Avnet (NASDAQ:AVT) Price Target Raised to $54.00

Key Points

• Truist Financial raised its price target for Avnet from $50.00 to $54.00, suggesting a potential upside of 6.70%, while maintaining a "hold" rating for the stock.
• In contrast, Wells Fargo reduced its target price for Avnet from $45.00 to $43.00 and assigned an "underweight" rating.
• Avnet's recent earnings report revealed an EPS of $0.81, exceeding estimates, and a revenue of $5.62 billion, which slightly surpassed analysts' expectations.

Avnet (NASDAQ:AVT - Free Report) had its price objective increased by Truist Financial from $50.00 to $54.00 in a research note released on Thursday morning,Benzinga reports. They currently have a hold rating on the stock.

Separately, Wells Fargo & Company reduced their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st.

Avnet Stock Performance

AVT stock traded up $0.07 during trading on Thursday, hitting $52.04. 328,389 shares of the company's stock traded hands, compared to its average volume of 835,286. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. Avnet has a 52 week low of $39.22 and a 52 week high of $59.24. The stock has a fifty day moving average price of $53.14 and a two-hundred day moving average price of $50.65. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 1.22 and a beta of 1.06.

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

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet's dividend payout ratio is currently 48.35%.

Insider Buying and Selling at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president directly owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Woodline Partners LP bought a new position in Avnet during the 4th quarter valued at about $38,097,000. Raymond James Financial Inc. bought a new position in Avnet during the 4th quarter valued at about $32,676,000. Bank of America Corp DE lifted its holdings in Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock valued at $36,726,000 after purchasing an additional 421,098 shares during the last quarter. American Century Companies Inc. lifted its holdings in Avnet by 10.8% during the 1st quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after purchasing an additional 378,440 shares during the last quarter. Finally, SG Capital Management LLC bought a new position in Avnet during the 2nd quarter valued at about $16,941,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

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.