Avnet (AVT) Holdings Increased by Toronto Dominion Bank
Toronto Dominion Bank grew its holdings in Avnet (NYSE:AVT) by 46.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,131 shares of the technology company’s stock after purchasing an additional 3,853 shares during the period. Toronto Dominion Bank’s holdings in Avnet were worth $520,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Alpha Windward LLC increased its holdings in Avnet by 9.1% in the second quarter. Alpha Windward LLC now owns 14,029 shares of the technology company’s stock worth $602,000 after buying an additional 1,172 shares during the last quarter. Balasa Dinverno & Foltz LLC increased its holdings in Avnet by 19.9% in the second quarter. Balasa Dinverno & Foltz LLC now owns 7,271 shares of the technology company’s stock worth $312,000 after buying an additional 1,205 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in Avnet by 1.1% in the first quarter. Great West Life Assurance Co. Can now owns 138,627 shares of the technology company’s stock worth $5,794,000 after buying an additional 1,490 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Avnet by 10.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 20,462 shares of the technology company’s stock worth $854,000 after buying an additional 1,885 shares during the last quarter. Finally, Brookstone Capital Management increased its holdings in Avnet by 23.6% in the second quarter. Brookstone Capital Management now owns 12,196 shares of the technology company’s stock worth $523,000 after buying an additional 2,331 shares during the last quarter. Institutional investors own 96.44% of the company’s stock.
A number of research firms recently commented on AVT. TheStreet upgraded Avnet from a “c+” rating to a “b” rating in a report on Thursday, August 9th. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a report on Friday, August 10th. Citigroup upped their target price on Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a research report on Thursday, August 9th. Wells Fargo & Co initiated coverage on Avnet in a research report on Tuesday, July 17th. They set a “market perform” rating and a $47.00 target price for the company. Finally, Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Wednesday, June 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $45.14.
Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 8th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. The company’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. equities analysts predict that Avnet will post 3.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Monday, September 10th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, September 7th. This represents a $0.80 dividend on an annualized basis and a yield of 1.64%. This is a boost from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio is presently 23.46%.
Avnet announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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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