Corient Private Wealth LP Buys Shares of 71,647 Avnet, Inc. $AVT

Key Points

• Corient Private Wealth LP purchased 71,647 Avnet shares worth approximately $6.36 million, while institutional investors collectively own 95.78% of the company.
• Avnet reported strong quarterly results, with earnings of $2.28 per share and revenue of $8.30 billion, exceeding estimates and representing 47.7% year-over-year revenue growth.
• Avnet raised its quarterly dividend from $0.35 to $0.37 per share. Analysts hold a consensus “Moderate Buy” rating, with an average price target of $93.25.

Corient Private Wealth LP bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 71,647 shares of the company's stock, valued at approximately $6,364,000. Corient Private Wealth LP owned about 0.09% of Avnet at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, SVP Michael Ryan Mccoy sold 32,052 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the sale, the senior vice president owned 76,674 shares in the company, valued at $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Philip R. Gallagher sold 51,900 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the sale, the chief executive officer directly owned 168,923 shares of the company's stock, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company's stock.

Avnet Price Performance

Avnet stock opened at $88.63 on Monday. Avnet, Inc. has a fifty-two week low of $44.25 and a fifty-two week high of $100.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The company has a market capitalization of $7.27 billion, a P/E ratio of 22.21, a PEG ratio of 0.27 and a beta of 1.09. The stock has a 50-day simple moving average of $89.13 and a 200-day simple moving average of $79.22.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.48. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm had revenue of $8.30 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Avnet's quarterly revenue was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities research analysts expect that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This is an increase from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. Avnet's dividend payout ratio is presently 35.09%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 14th. Truist Financial lifted their price target on shares of Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Bank of America upgraded shares of Avnet from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Wells Fargo & Company increased their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research report on Monday, July 20th. Finally, Zacks Research upgraded shares of Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

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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