Avnet (NYSE:AVT) Announces Dividend Increase – $0.21 Per Share

Avnet (NYSE:AVT) declared a quarterly dividend on Monday, August 19th, RTT News reports. Stockholders of record on Wednesday, September 11th will be paid a dividend of 0.21 per share by the technology company on Wednesday, September 25th. This represents a $0.84 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Tuesday, September 10th. This is a boost from Avnet’s previous quarterly dividend of $0.20.

Avnet has raised its dividend payment by an average of 5.7% per year over the last three years and has raised its dividend every year for the last 5 years. Avnet has a dividend payout ratio of 19.7% indicating that its dividend is sufficiently covered by earnings.

Shares of NYSE:AVT opened at $43.82 on Monday. The company has a 50-day moving average price of $42.52 and a 200-day moving average price of $43.82. Avnet has a 12 month low of $33.55 and a 12 month high of $49.03.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.05). The firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.61 billion. The company’s revenue was down 7.5% on a year-over-year basis. During the same period last year, the business posted $0.99 earnings per share.

Several brokerages have recently commented on AVT. Raymond James lowered their price objective on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, August 9th. Bank of America reaffirmed a “buy” rating and set a $47.00 price objective (down from $50.00) on shares of Avnet in a research note on Friday, August 9th. TheStreet downgraded shares of Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Deutsche Bank began coverage on shares of Avnet in a research note on Tuesday, June 11th. They set a “hold” rating and a $44.00 price objective for the company. Finally, SunTrust Banks lowered their price objective on shares of Avnet to $39.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Avnet presently has a consensus rating of “Buy” and a consensus price target of $45.50.

Avnet Company Profile

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

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Dividend History for Avnet (NYSE:AVT)

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