Corient Private Wealth LP Lowers Stock Position in Avnet, Inc. $AVT

Key Points

• Corient Private Wealth cut its Avnet stake by 20.3% in the second quarter, selling 19,515 shares and retaining 76,832 shares. Institutional investors collectively own 95.78% of the company.
• Avnet reported strong quarterly results, with EPS of $2.28 versus the $1.80 consensus and revenue of $8.30 billion, up 47.7% year over year. The company issued Q1 2027 EPS guidance of $2.80–$2.90.
• Avnet raised its quarterly dividend from $0.35 to $0.37 per share, equivalent to a $1.48 annualized payout and a 1.6% yield. Analysts have a “Moderate Buy” consensus rating with an average target price of $93.25.

Corient Private Wealth LP reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 20.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,832 shares of the company's stock after selling 19,515 shares during the quarter. Corient Private Wealth LP owned about 0.09% of Avnet worth $6,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in Avnet in the second quarter worth $916,146,000. Dimensional Fund Advisors LP raised its position in Avnet by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company's stock valued at $362,655,000 after purchasing an additional 22,137 shares in the last quarter. Pzena Investment Management LLC purchased a new stake in Avnet during the second quarter valued at about $277,153,000. LSV Asset Management raised its position in Avnet by 7.6% during the fourth quarter. LSV Asset Management now owns 2,811,171 shares of the company's stock valued at $135,161,000 after purchasing an additional 197,400 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Avnet during the second quarter worth about $91,844,000. 95.78% of the stock is currently owned by institutional investors.

Avnet Price Performance

Shares of Avnet stock opened at $93.12 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. The business's 50 day simple moving average is $90.78 and its two-hundred day simple moving average is $81.78. The stock has a market capitalization of $7.64 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 0.28 and a beta of 1.10. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00.

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

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, September 9th. This is a positive change from Avnet's previous quarterly dividend of $0.35. Avnet's dividend payout ratio is currently 37.09%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AVT. Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Zacks Research raised Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Wells Fargo & Company boosted their target price on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research report on Monday, July 20th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Finally, Truist Financial increased their price target on shares of Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

Insider Activity at Avnet

In other news, CEO Philip Gallagher sold 51,900 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the transaction, the chief executive officer directly owned 168,923 shares of the company's stock, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the transaction, the senior vice president owned 76,674 shares of the company's stock, valued at approximately $6,985,001.40. This represents a 29.48% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

Avnet Profile

Avnet, Inc is a global technology distributor that helps manufacturers, engineers and other customers source electronic components and develop products. The company connects semiconductor and electronic-component suppliers with original equipment manufacturers, electronic manufacturing services providers and independent design firms.

Its offerings include semiconductors, embedded processors and computing products, memory, interconnect solutions, passive and electromechanical components, and related hardware and software.

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