Avnet, Inc. $AVT Position Lessened by Wishbone Management LP

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 cut its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.8% in the 1st quarter, according to its most recent 13F 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 accounts for about 37.2% of Wishbone Management LP's holdings, making the stock its biggest position. Wishbone Management LP owned 1.54% of Avnet worth $62,036,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Legacy Advisors LLC acquired a new stake in shares of Avnet during the first quarter worth $26,000. TD Private Client Wealth LLC increased its stake in 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 last quarter. Curat Global LLC purchased a new position in Avnet during the first quarter worth about $42,000. Global X Japan Co. Ltd. acquired a new stake in Avnet in the 1st quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Avnet in the 1st quarter valued at about $49,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Stock Performance

Avnet stock opened at $53.36 on Tuesday. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The stock's 50-day moving average is $54.13 and its 200-day moving average is $51.01.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $5.36 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The company's revenue was up 1.0% on a year-over-year basis. Equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Avnet's previous quarterly dividend of $0.33. Avnet's payout ratio is 48.35%.

Analysts Set New Price Targets

AVT has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Truist Financial upped their price target on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Sell" and an average target price of $49.00.

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.

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