Wishbone Management LP Has $45.68 Million Stock Position in Avnet, Inc. $AVT

Key Points

• Wishbone Management LP cut its Avnet stake by 26.4% in the fourth quarter, but still held 950,000 shares worth about $45.68 million, making Avnet its third-largest position and about 19.5% of its portfolio.
• Wall Street sentiment on Avnet remains mixed to positive: the stock has an average “Moderate Buy” rating with a consensus price target of $89, while recent analyst moves included higher targets from Raymond James, Truist, and Bank of America.
• Avnet reported solid quarterly results, beating estimates with $1.48 EPS on $7.12 billion in revenue, and it also announced a quarterly dividend of $0.35 per share to be paid on June 17.

Wishbone Management LP decreased its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 26.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 950,000 shares of the company's stock after selling 340,000 shares during the period. Avnet comprises approximately 19.5% of Wishbone Management LP's holdings, making the stock its 3rd largest position. Wishbone Management LP owned about 1.16% of Avnet worth $45,676,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Hantz Financial Services Inc. grew its position in shares of Avnet by 132.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 526 shares of the company's stock valued at $27,000 after acquiring an additional 300 shares during the period. BOKF NA grew its position in shares of Avnet by 1,116.7% during the 3rd quarter. BOKF NA now owns 584 shares of the company's stock valued at $31,000 after acquiring an additional 536 shares during the period. MAI Capital Management grew its position in shares of Avnet by 53.7% during the 3rd quarter. MAI Capital Management now owns 673 shares of the company's stock valued at $35,000 after acquiring an additional 235 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Avnet by 53.9% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company's stock valued at $35,000 after acquiring an additional 258 shares during the period. Finally, Allworth Financial LP grew its position in shares of Avnet by 199.1% during the 3rd quarter. Allworth Financial LP now owns 700 shares of the company's stock valued at $37,000 after acquiring an additional 466 shares during the period. Institutional investors own 95.78% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AVT shares. Raymond James Financial reissued a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. Wells Fargo & Company boosted their price objective on shares of Avnet from $60.00 to $70.00 and gave the company an "underweight" rating in a research report on Thursday, April 30th. Truist Financial boosted their price objective on shares of Avnet to $95.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Bank of America raised shares of Avnet from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Finally, Zacks Research raised shares of Avnet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Avnet presently has an average rating of "Moderate Buy" and an average target price of $89.00.

Insiders Place Their Bets

In related news, CEO Philip R. Gallagher sold 23,920 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the transaction, the chief executive officer owned 145,003 shares of the company's stock, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company's stock.

Avnet Trading Up 2.4%

Shares of Avnet stock opened at $90.59 on Friday. The company has a market capitalization of $7.43 billion, a P/E ratio of 35.25, a P/E/G ratio of 0.40 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01. The company has a fifty day moving average of $80.12 and a 200 day moving average of $64.53. Avnet, Inc. has a fifty-two week low of $44.25 and a fifty-two week high of $95.26.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.15. The company had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. Avnet had a net margin of 0.86% and a return on equity of 7.07%. Avnet's quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, sell-side analysts anticipate that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.5%. Avnet's dividend payout ratio is currently 54.47%.

Avnet Profile

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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