728,161 Shares in Avnet, Inc. (NASDAQ:AVT) Bought by Woodline Partners LP

Woodline Partners LP purchased a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 728,161 shares of the company's stock, valued at approximately $38,097,000. Woodline Partners LP owned approximately 0.84% of Avnet at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GeoWealth Management LLC acquired a new stake in shares of Avnet during the 4th quarter worth about $31,000. Synergy Investment Management LLC acquired a new stake in shares of Avnet during the 4th quarter worth about $38,000. Natixis raised its position in shares of Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after acquiring an additional 688 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after acquiring an additional 827 shares in the last quarter. Finally, Principal Securities Inc. raised its position in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after acquiring an additional 211 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the transaction, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVT shares. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Wells Fargo & Company dropped their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Finally, Truist Financial cut their price target on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st.

Avnet Stock Performance

AVT traded down $0.45 during trading on Friday, hitting $49.72. 452,245 shares of the stock were exchanged, compared to its average volume of 750,805. The firm has a market capitalization of $4.17 billion, a P/E ratio of 14.08, a PEG ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The stock has a fifty day moving average price of $48.35 and a two-hundred day moving average price of $50.98. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.72 by $0.12. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm's revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 earnings per share. As a group, sell-side analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.65%. Avnet's dividend payout ratio (DPR) is currently 36.97%.

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.