Avnet, Inc. $AVT Holdings Boosted by CreativeOne Wealth LLC

Key Points

• CreativeOne Wealth LLC significantly increased its stake in Avnet, Inc. by 121.6% in Q1, now holding shares worth approximately $1.23 million.
• Avnet recently reported quarterly earnings of $0.81 EPS, which exceeded analysts' expectations, with revenue reaching $5.62 billion for the quarter.
• The company announced a dividend increase to $0.35 per share, with a payout ratio of 48.35% and an annualized yield of 2.6%.

CreativeOne Wealth LLC increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 121.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,653 shares of the company's stock after acquiring an additional 14,077 shares during the period. CreativeOne Wealth LLC's holdings in Avnet were worth $1,234,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Legacy Advisors LLC acquired a new stake in shares of Avnet in the 1st quarter worth approximately $26,000. TD Private Client Wealth LLC lifted its stake in Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after buying an additional 246 shares in the last quarter. Curat Global LLC purchased a new stake in Avnet in the 1st quarter valued at approximately $42,000. Global X Japan Co. Ltd. purchased a new stake in Avnet in the 1st quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Avnet in the 1st quarter valued at approximately $49,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Up 0.8%

NASDAQ AVT traded up $0.43 during trading hours on Thursday, hitting $52.86. The company had a trading volume of 257,172 shares, compared to its average volume of 849,245. The firm's 50 day moving average is $54.09 and its 200 day moving average is $50.99. 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 company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 19.33, a P/E/G ratio of 0.41 and a beta of 1.08. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced 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. The company had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The company's revenue was up 1.0% on a year-over-year basis. During the same period last year, the firm earned $1.22 earnings per share. Sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This is a positive change from Avnet's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. Avnet's dividend payout ratio is 51.28%.

Analyst Ratings Changes

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