Avnet, Inc. $AVT is Wishbone Management LP's Largest Position

Key Points

• Wishbone Management LP reduced its holdings in Avnet, Inc. by 21.8%, now owning approximately 1.29 million shares, making Avnet its largest position.
• Avnet recently increased its quarterly dividend to $0.35, representing an annual yield of 2.6%, with a payout ratio of 48.35%.
• Despite a year-over-year revenue increase of 1.0%, Avnet's earnings per share fell from last year's $1.22 to $0.81, exceeding analysts' expectations of $0.72.

Wishbone Management LP reduced its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,290,000 shares of the company's stock after selling 360,000 shares during the period. Avnet comprises 37.2% of Wishbone Management LP's portfolio, making the stock its biggest position. Wishbone Management LP owned about 1.54% of Avnet worth $62,036,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter valued at approximately $26,000. TD Private Client Wealth LLC boosted its holdings in shares of Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after purchasing an additional 246 shares during the period. Curat Global LLC purchased a new stake in shares of Avnet in the first quarter valued at approximately $42,000. Global X Japan Co. Ltd. purchased a new stake in shares of Avnet in the first quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avnet in the first quarter valued at approximately $49,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Stock Down 1.2%

Avnet stock traded down $0.66 during mid-day trading on Friday, reaching $53.45. 571,082 shares of the company were exchanged, compared to its average volume of 1,024,982. The business has a fifty day moving average of $53.98 and a 200 day moving average of $51.07. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The firm has a market cap of $4.46 billion, a P/E ratio of 19.58, a PEG ratio of 0.40 and a beta of 1.08. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24.

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

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 17th. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. This is a boost from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio (DPR) is currently 51.28%.

Analysts Set New Price Targets

A number of analysts recently issued reports on AVT shares. Truist Financial boosted their price target on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Bank of America boosted their price target on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Avnet currently has a consensus rating of "Sell" and a consensus price target of $49.00.

Avnet 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.