Wishbone Management LP Invests $58.18 Billion in Avnet, Inc. $AVT

Wishbone Management LP acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 655,000 shares of the company’s stock, valued at approximately $58,177,100,000. Avnet comprises 25.1% of Wishbone Management LP’s investment portfolio, making the stock its 2nd biggest position. Wishbone Management LP owned 0.80% of Avnet at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada boosted its holdings in shares of Avnet by 3.0% during the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock valued at $3,447,000 after acquiring an additional 2,101 shares during the period. Goldman Sachs Group Inc. increased its stake in Avnet by 16.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock valued at $11,148,000 after buying an additional 31,919 shares during the period. United Services Automobile Association bought a new stake in Avnet during the first quarter worth approximately $267,000. Empowered Funds LLC raised its stake in shares of Avnet by 9.3% in the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock worth $392,000 after buying an additional 696 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Avnet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock valued at $17,012,000 after acquiring an additional 16,443 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Price Performance

NASDAQ:AVT opened at $86.26 on Tuesday. The company’s 50-day moving average price is $89.24 and its two-hundred day moving average price is $78.53. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a 12 month low of $44.25 and a 12 month high of $100.00. The firm has a market cap of $7.08 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 0.27 and a beta of 1.09.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.48. The firm had revenue of $8.30 billion for the quarter, compared to analyst estimates of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company’s revenue was up 47.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be issued a $0.37 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.7%. The ex-dividend date is Wednesday, September 9th. Avnet’s dividend payout ratio (DPR) is currently 35.09%.

Insider Buying and Selling

In other news, CEO Philip R. Gallagher sold 51,900 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the transaction, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. This trade represents a 23.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the transaction, the senior vice president directly owned 76,674 shares in the company, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AVT. Truist Financial upped their price target on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Raymond James Financial reiterated a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Wells Fargo & Company increased their price target on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Finally, Bank of America upgraded Avnet from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

Avnet Company 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.